Giga-tronics Incorporated (NASDAQ:GIGA) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01 Notice of Extension of Time to Gain Compliance Before Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On June 23, 2017, Giga-tronics Incorporated (the “Company”) received a decision letter from The NASDAQ Stock Market (“NASDAQ”) following a hearing appeal on June 15, 2017. The Nasdaq Hearings Panel has determined to grant the request of the Company for continued listing on NASDAQ, subject to certain conditions.
The Company had previously reported on May 8, 2017 that NASDAQ had initiated proceedings to delist the Company from NASDAQ for its’ failure to comply with its bid price rule; and its failure to comply with the required minimum of either $2,500,000 in shareholders’ equity, $35,000,000 market value of listed securities or $500,000 net income from continuing operations.
The Company’s continued listing is conditioned on its taking steps to correct these deficiencies by certain deadlines and to provide reports or disclosures of events that may favorably or unfavorably affect the Company’s ability to do so. If the Company is unable to demonstrate compliance with all requirements for continued listing, its securities may be delisted from NASDAQ.
The Nasdaq Listing and Hearing Review Council may, on its own motion, determine to review any Panel decision within 45 calendar days after issuance of the written decision. If the Listing Council determines to review this decision, it may affirm, modify, reverse, dismiss or remand the decision to the Panel. The Company will be immediately notified in the event the Listing Council determines that this matter will be called for review.
There can be no assurance that the Company’s plans to comply with the required bid price, minimum shareholders’ equity, market value of listed securities or net income from continuing operations will be successful. If the Company’s Common Stock ceases to be listed for trading on the Nasdaq Capital Market, the Company expects that its Common Stock would be traded on the Over-the-Counter Bulletin Board on or about the same day.
About Giga-tronics Incorporated (NASDAQ:GIGA)
Giga-tronics Incorporated (Giga-tronics) includes the operations of the Giga-tronics Division and Microsource Inc. (Microsource). The Company operates through two segments: Giga-tronics Division and Microsource. Giga-tronics segment designs, manufactures and markets the Advanced Signal Generator (ASG) for the electronic warfare market and switching systems that are used in automatic testing systems primarily in aerospace, defense and telecommunications. The Company’s Giga-tronics segment produces modular signal sources, up-converters, receivers and down-converters in the AXIe format covering a radio frequency (RF) range of 100 megahertz to 18 gigahertz. The end user markets for these products are divided into three segments: RADAR Target Generation, Threat simulation and Surveillance. Microsource primarily develops and manufactures Yttrium, Iron, Garnet (YIG) radio detection and ranging (RADAR) filters used in fighter jet aircraft for two prime contractors. Giga-tronics Incorporated (NASDAQ:GIGA) Recent Trading Information
Giga-tronics Incorporated (NASDAQ:GIGA) closed its last trading session down -0.007 at 0.832 with 50,608 shares trading hands.