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 13, 2018, MoSys, Inc. (the “Company”) received a deficiency letter from the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market (“Nasdaq”).
The letter provided notification that the Company was not in compliance with Nasdaq’s independent director and audit committee composition requirements to Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2)(A). Nasdaq Listing Rule 5605 requires that a listed company have a majority of the board of directors to be comprised of independent directors and an audit committee comprised of at least three independent directors. Daniel Lewis, a former independent director and member of the Company’s audit committee, was appointed to be the Company’s president and chief executive officer (“CEO”) effective August 8, 2018, as the Company’s previous CEO, Leonard Perham, retired from the Company effective August 8, 2018.As a result, the Company’s board of directors is no longer comprised of a majority of independent directors and the number of independent directors on the Company's Audit Committee was reduced from three to two. The letter also states that the Company will be provided: (i) until the earlier of the Company's next annual shareholders' meeting or August 8, 2019 or (ii) if the next annual shareholders' meeting is held before February 4, 2019, then the Company must evidence compliance no later than February 4, 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 Nasdaq Listing Qualifications Panel ("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.”
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.
