TAIPEI, July 10, 2015 /PRNewswire/ -- GigaMedia Limited
(NASDAQ: GIGM), an online games and computing services provider,
today announced that it has
received a positive determination from the Nasdaq Stock
Market on July 9, 2015 granting
approval on the Company's request
to an additional 180-day grace period. The Company's securities
will continue to trade on Nasdaq Capital Market effective on
Tuesday, July 14, 2015 under the
symbol "GIGM."
As previously reported, GigaMedia was notified by Nasdaq on
January 14, 2015, that it no longer
satisfied the minimum bid price requirement for continued listing
of $1.00 per share, as set forth in
Nasdaq Listing Rule 5450(a)(1). The Company is being afforded
an additional 180-day grace period to regain compliance with the
Nasdaq's minimum bid price requirement upon transfer to the Capital
Market. In order to regain compliance, the minimum bid price
per share of the Company's common stock must be at least
$1.00 for at least ten consecutive
business days during the additional 180-day grace period, which
will end on January 11, 2016. If the
Company fails to regain compliance during this second grace period,
the Company's common stock will be subject to delisting by Nasdaq. The Company
has provided written notice of its intention to cure the minimum
bid price deficiency during the second grace period by effecting a
reverse stock split if necessary.
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 2015.
For further information,
contact:
Amanda Chang
Investor Relations Department
Tel: +886-2-2656-8080
amanda.chang@gigamedia.com.tw
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SOURCE GigaMedia Limited