MONSTER DIGITAL, INC. (NASDAQ:MSDI) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
|
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
OnJune 15, 2017, Monster Digital, Inc. (the Company) received a
letter from Nasdaq notifying the Company that it is not in
compliance with Nasdaq Listing Rule 5810(b) that requires the
Company to maintain a minimum bid price of One Dollar ($1.00) per
share. This determination was based upon the closing bid price of
the Companys common stock for the preceding thirty (30)
consecutive business days.
This notification has no immediate effect on the Companys listing
on the Nasdaq Capital Market. Nasdaq has provided the Company
with 180 calendar days, or untilDecember 12, 2017, to regain
compliance by maintaining a closing bid price of One Dollar
($1.00) for at least Ten (10) consecutive business days.
The Company is presently evaluating various courses of action to
regain compliance. In the event the Company does not regain
compliance, the Company may be eligible for additional time,
however, there can be no assurance that the Company will regain
compliance by December 12, 2017, or that, if it does not, will be
granted further time to regain compliance. If the Company fails
to satisfy this listing requirement, or any other Nasdaq
requirement for continued listing, Nasdaq staff could provide
notice that the Companys common stock will become subject to
delisting.
| Item 7.01 | Regulation FD Disclosure. |
On June 20, 2017, the Company issued a press release regarding
the notice from Nasdaq. A copy of the press release is furnished
herewith as Exhibit 99.1 and is incorporated herein by reference.
The information in this item shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934
(the Exchange Act), or otherwise subject to the liabilities of
Section 18, nor shall it be deemed incorporated by reference in
any of the Companys filings under the Securities Act of 1933, as
amended or the Exchange Act, except to the extent, if any,
expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
See the Exhibit Index set forth below for a list of exhibits
included with this Form 8-K.
Monster Digital, Inc. ExhibitEX-99.1 2 v469361_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Monster Digital Announces Receipt of Nasdaq Notice of Bid Price Deficiency SIMI VALLEY,…To view the full exhibit click here About MONSTER DIGITAL, INC. (NASDAQ:MSDI)
Monster Digital, Inc. designs and engineers data storage and memory products. The Company is engaged in the design, development and marketing of its products under the Monster Digital brand for use in high-performance computing and consumer and mobile product applications. The Company’s primary product offerings include an action sports camera used in adventure sport, adventure photography and extreme-action videography; a line of ultra-small mobile external memory drive products for Apple iPhone operating system (iOS) devices; On-The-Go Cloud devices, which create a wireless fidelity (Wi-Fi) hot spot for multiple users while simultaneously allowing data to be viewed, played or transferred among the connected storage; a selection of memory storage products consisting of Solid State Drives (SSDs), removable flash memory CompactFlash cards (CF cards), secured digital cards (SD cards) and universal serial bus (USB) flash drives.