Rubicon Technology Announces Voluntary Delisting from Nasdaq
December 13 2022 - 4:30PM
Rubicon Technology, Inc. (NASDAQ: RBCN) announced that it has
notified The Nasdaq Stock Market LLC (“Nasdaq”) of the
Company’s decision to voluntarily delist its common stock from the
Nasdaq Capital Market and its intent to file a Form 25 with
the U.S. Securities and Exchange Commission (the “SEC”)
on or about December 23, 2022. As a result, the Company
expects the delisting of its common stock to become effective on
December 30, 2022.
The Company anticipates that its common stock
will be quoted on the Pink Sheets platform, which is operated by
OTC Markets Group Inc. (the "Pink Sheets"),
and it currently intends to continue to provide information to its
stockholders and to take such actions within its control to enable
its common stock to be quoted in the Pink Sheets so that a trading
market may continue to exist for its common stock. There is no
guarantee, however, that a broker will continue to make a market in
the common stock and that trading of the common stock will continue
on the Pink Sheets or otherwise.
On October 14, 2022, the Company received
notifications from Nasdaq that it was no longer in compliance with
various Nasdaq independent director requirements set forth in
Listing Rule 5605. This rule requires, among other
things, that the Company’s (i) Board of Directors be composed of a
majority of independent directors, (ii) Audit Committee be composed
of three independent directors, and (iii) Compensation Committee be
composed of two independent directors. The Company’s
Board of Directors is composed of four directors, one of which is
an employee of the Company and therefore is not independent. The
Board has not yet determined whether the two newly appointed
directors will be deemed to be independent under the NASDAQ Listing
Rules.
The Company’s Board of Directors has determined
that the voluntary delisting of the Company’s common stock will be
in the best interests of the Company and its stockholders. The
Board’s decision was based on careful review of several factors,
including the benefits to the Company of eliminating the expenses
of being listed on NASDAQ and the costs associated with it, as well
as eliminating the demands on management’s time of complying with
the Nasdaq listing standards.
About Rubicon Technology,
Inc.
Rubicon Technology Worldwide LLC, a wholly owned
subsidiary of RTI, is an advanced materials provider specializing
in monocrystalline sapphire products for optical systems and
specialty electronic devices. Rubicon has expertise manufacturing
sapphire products with superior quality and precision.
Rubicon is ISO 9001 certified and ITAR registered.
Forward-Looking Statements
Some statements included in this news release
are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Exchange Act, and, therefore, involve
uncertainties or risks that could cause actual results to differ
materially therefrom. These statements may contain words such
as “desires,” “believes,” “opinion,” “anticipates,” “plans,”
“expects,” “intends,” “estimates,” “seeks,” “explores” or similar
expressions. These statements are not guarantees of the
Company’s future performance and are subject to risks,
uncertainties and other important factors that could cause actual
performance or achievements to differ materially from those
expressed or implied by these forward-looking statements.
Additional information regarding factors that could cause results
to differ materially from management’s expectations are found in
the section entitled “Risk Factors” in the Company’s 2021 Annual
Report on Form 10-K filed with the SEC on March 28, 2022,
and as amended on April 28, 2022. The Company intends that the
forward-looking statements included herein be subject to the
above-mentioned statutory safe harbors. Investors are cautioned not
to rely on forward-looking statements. The Company disclaims
any obligation to update forward-looking statements.
Contact:Rubicon Technology,
Inc.Timothy E. BrogChief Executive Officer(847)
295-7000
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