MOSY - MoSys Granted 180-Day Extension by NASDAQ to Regain Compliance with Minimum Bid Price Rule
SAN JOSE, Calif., March 22, 2019 (GLOBE NEWSWIRE) -- MoSys (NASDAQ: MOSY), a provider of semiconductor solutions that enable fast, intelligent data access for cloud networking, security, test and video systems, today announced that on March 21, 2019, it received notification from the Listing Qualifications Department (the “Staff”) of the NASDAQ Stock Market (“Nasdaq”) indicating that the Company will have an additional 180-day grace period, until September 16, 2019, to regain compliance with Nasdaq's $1.00 minimum bid requirement. The notification indicated that the Company did not regain compliance during the initial 180-day grace period provided under Nasdaq Marketplace Rule 5810(c)(3)(A). In accordance with the rule, the company is eligible for the additional grace period because it meets the initial listing requirements for the Nasdaq Capital Market, except for the bid-price requirement, and provided written notice of its intention to cure the deficiency during the additional 180-day grace period by effecting a reverse stock split, if necessary, within ten business days prior to expiration of the grace period.
The company can regain compliance by maintaining a minimum closing bid price of $1.00 per share for 10 consecutive business days. If MoSys does not meet the minimum bid requirement during the additional 180-day grace period, Nasdaq will provide written notification to the company that its common stock will be subject to delisting. At such time, the Company may appeal the delisting determination to a Nasdaq Hearings Panel (“Panel”). The Company would remain listed pending the Panel’s decision. There can be no assurance that, if the Company does appeal a subsequent delisting determination by the Staff to the Panel, that such appeal would be successful.
This notification has no immediate effect on the listing or trading of the company’s common stock, which will continue to trade on the Nasdaq Capital Market under the symbol “MOSY.”
About MoSys, Inc.
MoSys, Inc. (NASDAQ: MOSY) is a provider of semiconductor solutions that enable fast, intelligent data access for cloud networking, security, test and video systems. The company’s solutions eliminate data access bottlenecks to deliver speed and intelligence for line cards and systems scaling from 100G to multi-terabits per second. Engineered and built for high-reliability carrier and enterprise applications, MoSys’ Bandwidth Engine IC product family is based on the company’s patented high-performance, high-density random access memory, its highly efficient, high speed GigaChip™ serial-interface technology, and incorporates powerful application accelerating in memory compute functions.
Bandwidth Engine and MoSys are registered trademarks of MoSys, Inc. in the US and/or other countries. GigaChip and the MoSys logo are trademarks of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.
Contact:
Jim Sullivan
MoSys, Inc.
+1 (408) 418-7500
jsullivan@mosys.com