By BizLED Bureau
Nov 11, 2015: SemiLEDs Corporation has got the approval from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) to transfer the listing of the company’s common stock from the Nasdaq Global Select Market to the Nasdaq Capital Market. The transfer has been effective since the opening of business on November 5, 2015. The Nasdaq Capital Market is a continuous trading market that operates in the same manner as the Nasdaq Global Select Market and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements. The company’s common stock will continue to trade under the symbol “LEDS.”
The company received a letter from Nasdaq on April 30, 2015 notifying the company that the company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on the Nasdaq Global Select Market. Following the transfer of its listing, the company has been granted an additional 180-day grace period to regain compliance with the Nasdaq’s $1.00 minimum bid price requirement. To regain compliance and qualify for continued listing on the Nasdaq Capital Market, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period, which will end on April 25, 2016. If the Company fails to regain compliance during this grace period, its common stock will be subject to delisting by Nasdaq. The company has provided written notice of its intention to cure the minimum bid price deficiency during the second grace period by carrying out a reverse stock split, if necessary.