SEATTLE, Nov. 16, 2017 /PRNewswire/ -- WMIH Corp. (Nasdaq:
WMIH) (the "Company") today announced that, on November 14, 2017, the Company received a notice
from Nasdaq that the Company is not in compliance with Nasdaq
Listing Rule 5550(a)(2) ("the minimum bid price requirement").
The notification has no immediate effect on the Nasdaq listing
of the Company's stock. The Company has 180 calendar days, or until
May 14, 2018, to regain compliance
with the minimum bid price requirement. To regain compliance
during this initial 180 day period, the closing bid price of the
Company's common stock must meet or exceed $1.00 for a minimum of 10 consecutive business
days, whereupon, Nasdaq will provide the Company a written
confirmation of compliance and the matter will be closed. In
the event that WMIH Corp. does not regain compliance before the
expiration of the Compliance Period, the Company may be eligible
for additional time.
The Company intends to continue monitoring the closing bid price
of its common stock and will consider a range of available options
to regain compliance with the share price listing
standard. For instance, the Company may remedy the deficiency,
either now or at a later date, through a reverse stock split. The
Company is, however, currently focused on its primary strategic
initiative of identifying and consummating an accretive acquisition
transaction. Nevertheless, the Company may seek to effect a reverse
stock split in the future in order to achieve compliance with
Nasdaq listing rules. If the Company does not regain compliance
within the allotted compliance period(s), certain further
procedures may also be available to the Company.
Forward Looking Statements
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical fact included in this press
release that address activities, events, conditions or developments
that we expect, believe or anticipate will or may occur in the
future are forward-looking statements. Forward-looking statements
give our current expectations and projections relating to our
financial condition, results of operations, plans, objectives,
future performance and business and these statements are not
guarantees of future performance. These statements can be
identified by the fact that they do not relate strictly to
historical or current facts. Forward-looking statements may include
the words "anticipate," "estimate," "expect," "project," "intend,"
"plan," "believe," "strategy," "future," "opportunity," "may,"
"should," "will," "would," "will be," "will continue," "will likely
result," and similar expressions. Such forward-looking statements
involve risks and uncertainties that may cause actual events,
results or performance to differ materially from those indicated by
such statements. Some of these risks are identified and discussed
under "Risk Factors" in the Company's most recent Annual Report on
Form 10-K and any subsequent Quarterly Reports on Form 10-Q or
Current Report on Form 8-K. These risk factors will be important to
consider in determining future results and should be reviewed in
their entirety. These forward-looking statements are expressed in
good faith and we believe there is a reasonable basis for them.
However, there can be no assurance that the events, results or
trends identified in these forward-looking statements will occur or
be achieved. Forward-looking statements speak only as of the date
they are made, and we do not undertake to update any
forward-looking statement, except as required by law.
CONTACT
Helen
Grayson
206-922-2957
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SOURCE WMIH Corp.