"E" Removed From Silicon Image's Trading Symbol
June 10 2005 - 8:15AM
PR Newswire (US)
"E" Removed From Silicon Image's Trading Symbol SUNNYVALE, Calif.,
June 10 /PRNewswire-FirstCall/ -- Silicon Image, Inc.
(NASDAQ:SIMG), a leader in multi-gigabit semiconductor solutions
for the secure transmission and storage of rich digital media,
announced today that the NASDAQ Listing Qualifications Hearings
Department notified the Company on June 8, 2005 that its trading
symbol will change from "SIMGE" to "SIMG" effective with the open
of business on June 10, 2005. The Hearings Department had
previously notified the Company that an "E" was added to its
trading symbol due to the alleged incomplete filing of its Form
10-K for the year ended December 31, 2004. The removal of the "E"
from the Company's symbol evidences the fact that the NASDAQ Staff
has concluded that the Company's Form 10-K as previously amended is
complete and the Company meets NASDAQ Marketplace Rule 4310(c)(14)
filing requirements. As previously announced, the Hearings
Department notified the Company that it was not in compliance with
NASDAQ Marketplace Rules 4350 (c)(1) and 4350(d)(2) requiring that
a majority of the Board be comprised of independent directors and
that the Audit Committee be comprised of three independent
directors, including at least one director with requisite financial
sophistication. Subsequent to that notification and as previously
announced, Silicon Image has recently appointed Masood Jabbar and
Peter Hanelt to the Board of Directors and Audit Committee,
bringing the total number of directors to six and Audit Committee
members to three. Following the annual meeting of stockholders on
June 15, 2005, a majority of the Company's Board of Directors will
be comprised of independent directors as required by NASDAQ
Marketplace Rule 4350(c)(1). In addition, as required by NASDAQ
Marketplace Rule 4350(d)(2), the Audit Committee is currently
comprised of three independent directors, and each of Mr. Jabbar
and Mr. Hanelt satisfies the financial sophistication requirement.
On June 8, 2005, the Hearings Department notified the Company that
the NASDAQ staff has concluded that the Company has regained
compliance with the Audit Committee requirements, and the NASDAQ
Staff further acknowledges the Company will be in compliance with
the majority independent director requirement on June 15, 2005 when
the Annual Meeting occurs. The Hearings Department has not yet
advised the Company that its listing review of the Company is
complete. About Silicon Image Headquartered in Sunnyvale, Calif.,
Silicon Image designs, develops and markets multi-gigabit
semiconductor and system solutions for a variety of communications
applications demanding high-bandwidth capability. With its
proprietary Multi-layer Serial Link (MSL(TM)) architecture, Silicon
Image is well positioned for leadership in multiple mass markets
including PCs, consumer electronics and storage. Currently, Silicon
Image leads the global PC/display arena with its innovative digital
interconnect technology, and has emerged as a leading player in the
consumer electronics and storage markets by offering robust,
high-bandwidth semiconductors. For more information on Silicon
Image, visit http://www.siliconimage.com/. Forward-looking
Statements This news release contains forward-looking information
within the meaning of federal securities regulations. These
forward-looking statements include statements related to NASDAQ
proceedings and the listing of Silicon Image common stock. These
forward-looking statements involve risks and uncertainties,
including those described from time to time in Silicon Image's
filings with the SEC, that could cause the actual results to differ
materially from those anticipated by these forward-looking
statements. In particular, NASDAQ proceedings may result in the
immediate or subsequent delisting of Silicon Image's common stock
from the NASDAQ National Market. Also see "Management's Discussion
and Analysis of Financial Condition and Results of
Operations-Factors Affecting Future Results" in the most recent
Annual Report, Form 10-K or 10-Q filed by Silicon Image with the
SEC. Silicon Image assumes no obligation to update this
forward-looking information. NOTE: Silicon Image, MSL, and
http://www.siliconimage.com/ are trademarks, registered trademarks
or service marks of Silicon Image, Inc. in the United States and
other countries. DATASOURCE: Silicon Image, Inc. CONTACT: Darrel
Slack, Chief Financial Officer, of Silicon Image, Inc.,
+1-408-616-1550, or fax, +1-408-830-9531, or Web site:
http://www.siliconimage.com/
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