TAIPEI, Jan. 20, 2015 /PRNewswire/ -- GigaMedia Limited
(NASDAQ: GIGM), an online games and computing services provider,
today announced that it received a Deficiency Letter for the
minimum bid price requirement for continued listing, dated
January 14, 2015, from the NASDAQ
Stock Market LLC (the "Nasdaq Letter"). In the letter, it indicated
that the Company failed to meet the minimum bid price requirement
as set forth in Listing Rule 5450(a)(1). It has resulted from the
fact that the bid price of the Company's common stock closed below
US$1 per share for the last 30
consecutive business days.
In accordance with Nasdaq Stock Market Rule 5810 (c)(3)(A),
GigaMedia has a grace period of 180 calendar days, or until July
13, 2015, to regain compliance. If at any time before July 13,
2015, the bid price of the Company's common stock closes at $1.00
per share or more for a minimum of 10 consecutive business days,
Nasdaq will provide a written notification to the Company
indicating that it complies with the Minimum Bid Price Rule.
Nasdaq Letter has no immediate impact on the listing of the
Company's common stock on the Nasdaq Stock Market. The Company's
common stock will continue to trade on the Nasdaq Capital Market
under the symbol "GIGM."
Gigamedia will monitor the bid price for its common stock
between now and July 13, 2015, and
will consider available options to resolve the deficiency and
regain compliance with the Nasdaq minimum bid price
requirement.
This announcement is made in compliance with Nasdaq Stock Market
Rule 5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About GigaMedia
Headquartered in Taipei,
Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is
a diversified provider of online games and cloud computing
services. GigaMedia's online games business is an innovative leader
in Asia with growing game
development, distribution and operation capabilities, as well as
platform services for games; focus is on mobile games and social
casino games. The company's cloud computing business is focused on
providing enterprises in Greater
China with critical communications services and IT solutions
that increase flexibility, efficiency and competitiveness. More
information on GigaMedia can be obtained from
www.gigamedia.com.
The statements included above and elsewhere in this press
release that are not historical in nature are "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. GigaMedia
cautions readers that forward-looking statements are based on the
company's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those
contained in such forward-looking statements. Information as to
certain factors that could cause actual results to vary can be
found in GigaMedia's Annual Report on Form 20-F filed with the
United States Securities and Exchange Commission in April 2014.
For further information contact:
Amanda Chang
Investor Relations Department
Country/City Code 8862 Tel: 2656-8080
amanda.chang@gigamedia.com.tw
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/gigamedia-receives-nasdaq-staff-deficiency-letter-300022159.html
SOURCE GigaMedia Limited