Nasdaq to Delist Ampex Common Stock
May 08 2008 - 9:00AM
Business Wire
Ampex Corporation (Nasdaq:AMPX) today announced that it has
informed the Nasdaq Office of General Counsel, Hearings, that it no
longer wishes to appeal the Staff�s determination to delist Ampex
Corporation�s Class A Common Stock from The Nasdaq Stock Market.
The Company has been informed that its Class A Common Stock will be
delisted, effective as of the opening of business on Thursday, May
8, 2008. Nasdaq�s determination to delist the Company�s Common
Stock was based on the Company�s filing of a voluntary petition for
relief under chapter 11 of the U.S. Bankruptcy Code on March 30,
2008, and associated public interest concerns raised by it,
concerns regarding the residual equity interests of existing Common
Stockholders, and the Company�s ability to sustain compliance with
all of Nasdaq�s continued listing requirements. Ampex Corporation,
headquartered in Redwood City, California, is one of the world�s
leading innovators and licensors of technologies for the visual
information age. Additional information about Ampex is available on
the Internet at www.ampex.com, as well as on a new toll-free Ampex
Restructuring Hot Line at (800) 767-8328. This news release
contains predictions, projections and other statements about the
future that are intended to be �forward-looking statements� within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause
the Company�s actual results, performance or achievements, or
industry results, to differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such risks, uncertainties and other
important factors include, but are not limited to, those described
in the Company�s 2007 Annual Report on Form 10-K for the fiscal
year ended December�31, 2007, its Quarterly Reports on Form 10-Q
and the other documents the Company periodically files with the
SEC, as well as the risks of limited liquidity and other risks
relating to the delisting of the Class A Common Stock, and the
effects of the chapter 11 case on the Class A Common Stock and the
Company�s equity holders. In assessing forward-looking statements,
readers are urged to consider carefully these cautionary
statements. Forward-looking statements speak only as of the date of
this release, and the Company disclaims any obligation or
undertaking to update such statements.
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