Centillium Communications Approved for Listing on The Nasdaq Capital Market
August 19 2008 - 4:01PM
PR Newswire (US)
FREMONT, Calif., Aug. 19 /PRNewswire-FirstCall/ -- Centillium
Communications, Inc. (NASDAQ:CTLM) a leading provider of highly
innovative communications processing technology, today announced
that on Aug. 18, 2008, Centillium received notice from the Listing
Qualifications Department of The NASDAQ Stock Market, LLC that its
application to transfer its common stock to The Nasdaq Capital
Market (the "Capital Market") from The Nasdaq Global Market (the
"Global Market") was approved. While its common stock traded on the
Global Market, Centillium received a deficiency notice from Nasdaq
on Feb. 21, 2008, stating that Centillium had a grace period of 180
days, or until Aug. 19, 2008, to cure the deficiency by meeting the
$1.00 per share minimum bid price for 10 consecutive trading days.
Because Centillium failed to meet the minimum bid price for 10
consecutive days during the grace period, it elected to apply to
transfer its common stock to the Capital Market. Upon this
transfer, pursuant to the Nasdaq Marketplace Rules, Centillium will
receive an additional grace period of 180 calendar days, or until
Feb. 17, 2009, to comply with the $1.00 per share minimum bid price
rule while on the Capital Market. There can be no assurance that
Centillium will achieve compliance with the minimum bid price
requirement. Even if Centillium is able to comply with the minimum
bid requirement, there is no assurance that in the future
Centillium will continue to satisfy other Nasdaq listing
requirements, with the result that its common stock may be delisted
from the Capital Market. Centillium's common stock will begin
trading on the Capital Market, and will cease trading on the Global
Market, at the opening of business, Aug. 20, 2008. The trading
symbol for Centillium's common stock remains "CTLM." According to
Nasdaq, the Capital Market currently includes over 500 companies
and operates in substantially the same manner as the Global Market.
Securities listed on the Capital Market satisfy all applicable
qualification requirements for Nasdaq securities and all companies
listed on the Capital Market must meet certain financial
requirements and adhere to Nasdaq's corporate governance standards.
About Centillium Communications, Inc. Centillium Communications,
Inc. (NASDAQ:CTLM) delivers highly innovative communications
processing technology for global systems vendors targeting service
provider, enterprise and consumer markets. Centillium's high
performance Systems-on-Chip (SoC) products power leading edge
optical, Voice-over-Internet Protocol (VoIP), security and data
systems requiring top quality, highly integrated, very low power
processing solutions that help minimize the energy footprint of
communications networks. With a long heritage of technology
leadership and first-to-market product development, Centillium
provides semiconductor solutions that keep customers and end users
at the forefront of the communications evolution. Centillium is a
global company with headquarters in Fremont, CA. Additional
information is available at http://www.centillium.com/. Safe Harbor
Statement under Private Securities Litigation Reform Act of 1995
This press release includes statements that are forward-looking
statements within the meaning of U.S. federal securities laws, such
as statements concerning the expected trading of Centillium's
common stock on The Nasdaq Capital Market. Actual results may
differ materially from those indicated by such forward-looking
statements based on a variety of risks and uncertainties, including
Centillium's inability to control Nasdaq's listing decisions.
Centillium undertakes no obligation to update forward-looking
statements for any reason. Information about potential factors that
could affect Centillium's financial results is included in
Centillium's Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and in other documents on file with the Securities and
Exchange Commission. Important Information for Investors and
Stockholders TranSwitch expects to file a Registration Statement on
Form S-4, and TranSwitch and Centillium will file a proxy
statement/prospectus with the SEC, in connection with the proposed
merger. TRANSWITCH AND CENTILLIUM URGE INVESTORS AND STOCKHOLDERS
TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE
AND ANY OTHER RELEVANT DOCUMENTS FILED BY EITHER PARTY WITH THE SEC
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
stockholders will be able to obtain the proxy statement/prospectus
and other documents filed with the SEC free of charge at the
website maintained by the SEC at http://www.sec.gov/. In addition,
documents filed with the SEC by TranSwitch will be available free
of charge on the investor relations portion of the TranSwitch
website at http://www.transwitch.com/. Documents filed with the SEC
by Centillium will be available free of charge on the investor
relations portion of the Centillium website at
http://www.centillium.com/. Participants in the Solicitation This
communication is not a solicitation of a proxy from any security
holder of Centillium. However, Centillium, and certain of its
directors and executive officers, may be deemed participants in the
solicitation of proxies from the stockholders of Centillium in
connection with the merger. The names of Centillium's directors and
executive officers and a description of their interests in
Centillium (including their ownership of Centillium stock) are set
forth in the proxy statement for Centillium's 2008 annual meeting
of stockholders, which was filed with the SEC on April 29, 2008.
Investors and stockholders can obtain more detailed information
regarding the direct and indirect interests of Centillium's
directors and executive officers in the merger by reading the
definitive proxy statement/prospectus when it becomes available.
DATASOURCE: Centillium Communications, Inc. CONTACT: Hassan Parsa,
Vice President, Business Development of Centillium Communications,
Inc., +1-510-771-3624, ; or Christina L. Carrabino of CLC
Communications, Inc., +1-415-929-9307, , for Centillium
Communications, Inc. Web site: http://www.centillium.com/
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