Interwoven Receives NASDAQ Notice of Non-Compliance Due to Late Filing of Annual Report on Form 10-K
SUNNYVALE, Calif. - March 20, 2007 - Interwoven, Inc. (NASDAQ: IWOV), a global leader in content management solutions, today announced that it has received a Staff Determination notice from The NASDAQ Stock Market stating that the company's common stock is subject to delisting from The NASDAQ Global Market. The notice was issued in accordance with standard NASDAQ procedures as a result of the delayed filing of Interwoven's Annual Report on Form 10-K for the year ended December 31, 2006. Timely filing of periodic reports is a requirement for continued listing under NASDAQ Marketplace Rule 4310(c)(14).
Interwoven will appeal and request a hearing before a NASDAQ Listing Qualifications Panel, which will automatically stay delisting of the company's common stock pending the Panel's review and determination.
The late filing resulted from Interwoven's previously announced voluntary review of the company's historical stock option grant procedures. Interwoven initiated the review, which is being conducted under the supervision of the Audit Committee of the Board of Directors with the assistance of independent counsel. At this time, the Audit Committee has neither completed its review, nor reached any preliminary or final conclusions about the company's stock option practices and the related accounting treatment, if any. Until the Audit Committee's review is complete, Interwoven will be unable to complete and file its Annual Report on Form 10-K for the year ended December 31, 2006. The Company intends to file its Annual Report on Form 10-K as soon as practicable after the completion of the review.
About Interwoven
Interwoven is a global leader in content management solutions. Interwoven's software and services enable organizations to effectively leverage content to drive business growth by improving the customer experience, increasing collaboration, and streamlining business processes in dynamic environments. Our unique approach combines user-friendly simplicity with robust IT performance and scalability to unlock the value of content. Today, nearly 3,800 enterprise and professional services organizations worldwide have chosen Interwoven, including: adidas, Airbus, Avaya, Cisco, DLA Piper, the Federal Reserve Bank, FedEx, HSBC, LexisNexis, Microsoft, Samsung, Shell, Samsonite, White & Case, and Yamaha. Over 19,000 developers and over 300 partners enrich and extend Interwoven's offerings. To learn more about Interwoven, please visit www.interwoven.cn.
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