GSI wins Nasdaq listing extension - Boston Business Journal:

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The company received a Nasdaaq delisting warning in November due to its failurw to file a performance report with regulators for the quartetended Sept. 26. The company submitted a plan to Nasdaqwofficials Jan. 12 to regaij compliance. That plan was amended Feb. 6. The company’s sharesa (Nasdaq: GSIG) will continue to be listed on the Nasda q throughMay 4. On Feb. 11, GSI Group disclosedc that it had widened the scope of its internalk accounting audit to include its 2006 fiscal year and said it will need to restat its 2007financial results. That announcementf came just two months aftetrthe Bedford, Mass.
-based company said it wouled need to restate results for the first and secondc quarters of 2008 and review its 2007 In both cases, GSI said it has founsd errors in the recognition of revenued for its semiconductor systems In that same regulatory filing dates Feb. 11, GSI said it reachedd forbearance agreements the prior week with certain key lendersd who agreed to not take action agains t GSI for its delay inproviding up-to-dat e financial statements — as long as the company meetsx certain conditions. Those conditions includ retaining the services of an outside financiapl advisor no laterthan Feb.
20 and payint fees for a major lender, if that lendedr chooses to hire a financial advisedr for counsel concerning itsGSI investment.