CANTON, Mass., May 31, 2012 /PRNewswire/
-- NEI (Nasdaq: NEI),a leading provider of
server-based application platforms, deployment solutions and
lifecycle support services for software technology developers and
OEMs worldwide, today announced that on May
29, 2012, it received a letter from The NASDAQ Stock Market
notifying NEI that during the preceding 30 consecutive trading days
the closing bid price of NEI's common stock has been below the
$1.00 minimum bid per share required
for continued listing on the NASDAQ Global Market under NASDAQ
Marketplace Rule 5450(a)(1).
This letter has no immediate effect on the listing of NEI's
common stock.
The letter stated that, in accordance with NASDAQ Marketplace
Rule 5810(c)(3), NEI will be provided 180 calendar days, or until
November 26, 2012, to regain compliance with the minimum bid price
requirement set forth in NASDAQ Marketplace Rule 5450(a)(1) by
maintaining a closing bid price of $1.00 per share or higher for a
minimum of 10 consecutive trading days. If NEI is unsuccessful in
meeting the minimum bid requirement during this initial 180-day
period, NASDAQ will provide notice to NEI that NEI's common stock
will be delisted from the NASDAQ Global Market. If NEI receives
such a notice, it may appeal the determination to the NASDAQ
Listing Qualifications Panel. It may also apply to transfer its
common stock to the NASDAQ Capital Market if NEI satisfies all
criteria for initial listing on the NASDAQ Capital Market, other
than compliance with the minimum bid price requirement. If such
application to the NASDAQ Capital Market is approved, then NEI will
have an additional 180-day compliance period in order to regain
compliance with the minimum bid price requirement while listed on
the NASDAQ Capital Market.
NEI is considering alternatives to regain compliance with the
continued listing requirements of the NASDAQ Global Market within
the initial 180-day period.
About NEI
NEI is a leading provider of server-based application platforms
and lifecycle support services for software developers and OEMs
worldwide. Through its expertise and comprehensive suite of
solution design, system integration, application management, global
logistics, support, and maintenance services, NEI is redefining
application deployment solutions to provide customers with a
sustainable competitive advantage. More than a decade of appliance
innovation with the ability to provide physical, virtual and
cloud-ready solutions makes NEI one of the most trusted software
deployment partners in the industry. Founded in 1997, NEI is
headquartered in Canton,
Massachusetts, with facilities in Plano, Texas and Galway, Ireland, and trades on the NASDAQ exchange
under the symbol NEI. For more information, visit www.nei.com.
Safe Harbor for Forward-Looking Statements
Statements in this press release regarding the Company's
ability to regain compliance with the continued listing
requirements of the NASDAQ Global Market and any other statements
about the Company's management's future expectations, beliefs,
goals, plans or prospects, constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The Company's actual results could differ materially from
those stated or implied in forward-looking statements due to a
number of factors, including those factors contained in the
Company's most recent Annual Report on Form 10-K for the year ended
September 30, 2011 and the most
recent Form 10-Q for the quarter ended March
31, 2012 under the section "Risk Factors" as well as other
documents that may be filed by the Company from time to time with
the Securities and Exchange Commission. Forward-looking statements
include statements regarding the Company's expectations, beliefs,
intentions or strategies regarding the future and can be identified
by forward-looking words such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "should," "will," and
"would" or similar words. The Company assumes no obligations to
update the information included in this press release.
Contact:
Hayden IR
Peter Seltzberg
646-415-8972
peter@haydenir.com
ir@nei.com
SOURCE NEI