NETLIST,INC. (NASDAQ:NLST) 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.
On January3, 2018, Netlist,Inc. (the“Company”) received a letter from The Nasdaq Stock Market (“Nasdaq”) notifying the Company that it no longer meets Nasdaq’s requirements for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule5550(b)(2)(the“MVLS Rule”) because, for a period of 30 consecutive business days, the market value of the Company’s common stock, calculated based upon the most recent total shares outstanding multiplied by the closing bid price per share, has not maintained a minimum of $35.0million. The letter does not impact the Company’s listing on the Nasdaq Capital Market at this time, and the Company’s common stock currently remains listed on the Nasdaq Capital Market under the symbol NLST. In addition, as previously reported and described in the Company’s Current Report on Form8-K filed with the Securities and Exchange Commission on September29, 2017, which description is incorporated herein by reference, the Company was previously notified by Nasdaq of its failure to meet certain additional continued listing requirements under other Nasdaq listing rules.
In accordance with Nasdaq Listing Rule5810(c)(3)(C), the Company has been provided a period of 180 calendar days, or until July2, 2018, in which to regain compliance with the MVLS Rule. To regain compliance, the market value of the Company’s common stock must meet or exceed $35.0million for a minimum of 10 consecutive business days during the 180-day compliance period. If the Company has not regained compliance with the MVLS Ruleby July2, 2018, Nasdaq will provide notice to the Company that its securities will be subject to delisting, in which case the Company may appeal the delisting determination to a Nasdaq Hearings Panel.