MONSTER DIGITAL, INC. (NASDAQ:MSDI) 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 Rule or Standard; Transfer of Listing.
On January 3, 2018, Monster Digital, Inc. (the “Company”) received a written notification (the “Notice”) from the NASDAQ Stock Market LLC (“Nasdaq”) indicating that since the Company has not held its annual meeting of shareholders (the “Annual Meeting”) within twelve months of the end of the Company’s fiscal year-end, in accordance with Nasdaq’s Listing Rules 5620(a) and 5810(c)(2)(G), it no longer complies with Nasdaq’s Listing Rules (the “Rules”) for continued listing. The notification referenced that the Nasdaq Hearings Panel (the “Panel”) will consider this matter in rendering a determination regarding the Company’s continued listing.
The notification stated Company should present its plan detailing the timeline for soliciting proxies and holding the annual shareholder meeting to the Panel in writing no later than January 10, 2018.
On January 10, 2018, the Company responded that the closing previously disclosed reverse merger with Innovate Biophamaceuticals, Inc. would moot the requirement for the Company to hold the Annual Meeting. The Company noted that if for whatever reason the reverse merger does not close, the Company would not meet the continued listing criteria with respect to either stockholders’ equity, minimum bid or the requirement to hold an annual meeting.
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.