MoSys, Inc. (NASDAQ:MOSY) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01
Notice of Delisting or Failure to Satisfy a Continued Listing Ruleor Standard; Transfer of Listing.
MoSys, Inc. (NASDAQ:MOSY) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On August 23, 2018, the Company received a deficiency notification letter from the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market (“Nasdaq”).Previously, on August 13, 2018, the Staff provided notification that the Company: (i) was not in compliance with the independent director and audit committee composition requirements, as set forth in Listing Rules 5605(b)(1) and 5605(c)(2), respectively, and (ii) would be provided a cure period to comply. However, the August 23, 2018 notification letter provided notice that due to the resignation of Stephen Domenik from the Company’s board of directors effective August 20, 2018, the Company is no longer eligible for the cure period described in the Staff’s August 13, 2018 notification letter. The Company has 45 calendar days to submit a plan to regain compliance. The Company is working on its compliance plan for submission prior to the expiration of the 45-day deadline. If the Company’s plan is accepted, the Staff can grant an extension of up to 180 calendar days from the date of the letter to evidence compliance.If the Staff does not accept the Company’s plan, the Company will have the opportunity to appeal that decision before a Nasdaq Hearings Panel (“Panel”).
The letter also provided notification that the Company no longer complies with Nasdaq’s compensation committee requirement, as set forth in Listing Rule 5605(d)(2). Nasdaq Listing Rule5605(d)(2) requires a listed company to have a compensation committee comprised of at least two independent members. As a result of Mr. Domenik’s resignation, the number of independent directors on the Company’s compensation committee was reduced from two to one.The letter states that the Company will be provided: (i) until the earlier of the Company’s next annual shareholders’ meeting or August 20, 2019 or (ii) if the next annual shareholders’ meeting is held before February 19, 2019, then the Company must evidence compliance no later than February 19, 2019. If the Company does not regain compliance during this period, then the Staff will provide notice that the Company’s securities will be subject to delisting. At such time, the Company may appeal the delisting determination to a Panel. The Company would remain listed pending the Panel’s decision. There can be no assurance that, if the Company does appeal a subsequent delisting determination by the Staff to the Panel, that such appeal would be successful.
These notifications have no immediate effect on the listing or trading of the Company’s common stock, which will continue to trade on The Nasdaq Capital Market under the symbol “MOSY.”
Item 8.01Other Events.
Director Resignation
Effective as of August 20, 2018, Stephen Domenik resigned from his position as a member of the board of directors of the Company and from all committees of the Company’s board of directors.
About MoSys, Inc. (NASDAQ:MOSY)
MoSys, Inc. (MoSys), together with its subsidiaries, is a fabless semiconductor company focused on the development and sale of integrated circuits (ICs) for the high-speed networking, communications, storage and computing markets. The Company has developed approximately two IC product lines under the Bandwidth Engine and LineSpeed product names. Bandwidth Engine ICs integrate its 1T-SRAM high-density embedded memory with its integrated macro function technology and a serial interface protocol resulting in a monolithic memory IC solution optimized for transaction performance. The LineSpeed IC product line consists of non-memory, high-speed serialization-deserialization (SerDes), input/output (I/O) physical layer (PHY) devices with clock data recovery, gearbox and retimer functionality, which convert lanes of data received on line cards or by optical modules into various configurations and/or ensure signal integrity.
