MoSys Granted 180-Day Extension by NASDAQ to Regain Compliance with Minimum Bid Price Rule
March 22 2019 - 9:00AM
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 SullivanMoSys,
Inc.+1 (408) 418-7500jsullivan@mosys.com
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