Raining Data Corporation Announces Receipt of Nasdaq Staff Deficiency Letter
September 19 2007 - 4:30PM
PR Newswire (US)
IRVINE, Calif., Sept. 19 /PRNewswire-FirstCall/ -- Raining Data
Corporation (NASDAQ:RDTA) today announced that it has received a
Nasdaq Staff Deficiency Letter, dated September 13, 2007,
confirming that, as a result of Richard Smith's resignation from
the Company's Board of Directors, the Company no longer complies
with Nasdaq's independent director and audit committee requirements
for continued listing as set forth in Marketplace Rule 4350.
Raining Data previously notified Nasdaq that as a result of Richard
Smith's resignation from its Board of Directors, Raining Data is no
longer in compliance with Marketplace Rules 4350(c)(1) and
4350(d)(2)(A) because it no longer has a majority of independent
directors nor does it have at least three members on its Audit
Committee, respectively. Nasdaq has confirmed that, consistent with
Marketplace Rules 4350(c)(1) and 4350(d)(4), Raining Data will be
provided with a cure period until the earlier of its next annual
stockholders' meeting or August 3, 2008, or, if the next annual
stockholders' meeting is held before January 30, 2008, then Raining
Data must provide evidence of compliance no later than January 30,
2008. The letter also states that in the event Raining Data does
not regain compliance within this period, Raining Data will receive
written notice that its securities will be delisted. Raining Data
intends to identify a suitable candidate to fill the vacancy on its
Board of Directors and Audit Committee so that the Company can
regain compliance under Marketplace Rules 4350(c)(1) and
4350(d)(2)(A) within the prescribed cure period. About Raining Data
Raining Data Corporation (NASDAQ:RDTA), headquartered in Irvine,
California, offers enterprise-grade XML database management and
information aggregation software solutions and has been providing
reliable data management and rapid application deployment solutions
for ISVs and developers of database applications for more than
three decades. Raining Data's flagship products include: 1) The
High-performance TigerLogic(R) XML Data Management Server (XDMS),
which provides flexible, scalable and extensible XML data storage
as well as query and retrieval of critical business data across a
variety of structured and unstructured information sources,
delivering mid-tier scalability and transactional integrity across
heterogeneous enterprise databases as well as dynamic extensibility
and ease of use, mostly found in repositories and file systems; 2)
Powerful Pick(R) Universal Data Model (Pick UDM) based database
management systems and components, including D3(R), mvEnterprise(R)
and mvBase(R) that are the choice of more than a thousand
application developers worldwide and .NET Integration components
including the Pick Data Provider for .NET and the Pick Reporting
Services Connector; and 3) Omnis Studio(R), a powerful,
cross-platform, object-oriented RAD tool for developing
sophisticated thick-client, Web-client or ultra thin-client
database applications. Raining Data's installed customer base
includes more than 500,000 active users representing over 20,000
customer sites worldwide, with a significant base of diverse
vertical applications. With more than 100 employees and contractors
worldwide, Raining Data offers 24x7 customer support services and
maintains a strong international presence. More information about
Raining Data Corporation and its products can be found at
http://www.rainingdata.com/. DATASOURCE: Raining Data Corporation
CONTACT: Thomas Lim, Chief Financial Officer of Raining Data
Corporation, +1-949-442-4400, Web site: http://www.rainingdata.com/
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