MicroVision Regains Nasdaq Compliance
June 22 2020 - 08:30AM
MicroVision, Inc. (Nasdaq:MVIS) announced that it has received a
letter from Nasdaq confirming that it has regained compliance with
Nasdaq’s listing requirements.
“We are pleased to maintain our listing on the Nasdaq Global
Market,” said Sumit Sharma, Chief Executive Officer. “The Company’s
Board of Directors will continue to monitor the situation to
determine if there is a need to effect a reverse stock split during
the 90-day period authorized by shareholders on May 19, 2020.”
As previously announced, MicroVision was notified on June 13,
2019, that it had failed to meet the minimum bid price requirement
under Nasdaq Stock Market Listing Bid Price Rule 5450(a)(1). In
February, the Company was notified that the Nasdaq Hearings Panel
had granted the company an extension of time to regain compliance.
In April, in response to the COVID-19 pandemic, Nasdaq announced
temporary relief from the continued listing bid price requirement
through June 30, 2020 extending the time Company had to regain
compliance before August 24, 2020. MicroVision was notified by
Nasdaq that it is now in compliance with the rule and that Nasdaq
considers the matter closed. The company’s shares will continue to
be traded on The Nasdaq Global Market under the symbol MVIS.
About MicroVision
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature sensing and projection solution based on the laser
beam scanning methodology pioneered by the company. MicroVision’s
platform approach for this sensing and display solution means that
its technology can be adapted to a wide array of applications and
form factors. We combine our hardware, software, and algorithms to
unlock value for our customers by providing them a differentiated
advanced solution for a rapidly evolving, always-on world.
Extensive research has led MicroVision to become an
independently recognized leader in the development of intellectual
property. MicroVision’s IP portfolio has been recognized by the
Patent Board as a top 50 IP portfolio among global industrial
companies and has been included in the Ocean Tomo 300 Patent Index.
The company is based in Redmond, Washington.
For more information, visit the company’s website at
www.microvision.com, on Facebook at
www.facebook.com/microvisioninc or follow MicroVision on Twitter at
@MicroVision.
MicroVision® and PicoP® are registered trademarks of
MicroVision, Inc. in the United States and other countries. All
other trademarks are the properties of their respective owners.
Forward-Looking
Statements
Certain statements contained in this release, including those
relating to product applications and solutions, need for a reverse
stock split are forward-looking statements that involve a number of
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those
projected in our forward-looking statements include the risk that
the company may not succeed in finding strategic solutions,
including a potential sale of the company, with acceptable timing,
benefits or costs; our ability to operate with limited cash or to
raise additional capital when needed; market acceptance of our
technologies and products or for products incorporating our
technologies; the failure of our commercial partners to perform as
expected under our agreements, including from the impact of the
COVID-19 (coronavirus); our ability to identify parties interested
in paying any amounts or amounts we deem desirable for the purchase
or license of intellectual property assets; our or our customers’
failure to perform under open purchase orders, our financial and
technical resources relative to those of our competitors; our
ability to keep up with rapid technological change; government
regulation of our technologies; our ability to enforce our
intellectual property rights and protect our proprietary
technologies; the ability to obtain additional contract awards and
develop partnership opportunities; the timing of commercial product
launches and delays in product development; the ability to achieve
key technical milestones in key products; dependence on third
parties to develop, manufacture, sell and market our products;
potential product liability claims; our ability to maintain our
listing on the Nasdaq Stock Market, and other risk factors
identified from time to time in the company's SEC reports,
including the company's Annual Report on Form 10-K filed with the
SEC. These factors are not intended to represent a complete list of
the general or specific factors that may affect us. It should
be recognized that other factors, including general economic
factors and business strategies, may be significant, now or in the
future, and the factors set forth in this release may affect us to
a greater extent than indicated. Except as expressly required by
federal securities laws, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, changes in circumstances
or any other reason.
Investor Relations Contacts
David H. Allen Darrow Associates, Inc. 408.427.4463
dallen@darrowir.com
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