NII HOLDINGS, INC. (NASDAQ:NIHD) 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.
As previously disclosed by NII Holdings, Inc. (the “Company”) on a Current Report on Form 8-K filed with the Securities and Exchange Commission on June 20, 2017, the Company received a deficiency notice, dated June 14, 2017, from The NASDAQ Stock Market LLC (“Nasdaq”) indicating that the bid price of the Company's common stock for the prior 30 consecutive business days had closed below the minimum $1.00 per share required for continued listing on the Nasdaq Global Select Market under Nasdaq Listing Rule 5450(a)(1). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial grace period of 180 calendar days, or until December 11, 2017, to regain compliance with the minimum bid price requirement.
On December 12, 2017, the Company received a staff determination letter from Nasdaq Listing Qualifications indicating that the Company failed to regain compliance with the minimum closing bid price requirement and that the Company is not eligible for a second 180-day grace period because the Company does not comply with the stockholders’ equity initial listing requirement for The Nasdaq Capital Market. As a result, the Company was informed that unless it requests an appeal of this determination, the Company’s common stock will be delisted from The Nasdaq Global Select Market at the opening of business on December 21, 2017.
Accordingly, the Company has requested a hearing before a Nasdaq listing qualifications panel. Under the Nasdaq Listing Rules, and as confirmed to the Company, this request for a hearing automatically stayed the delisting of the Company’s common stock pending the issuance of a determination by the panel. The hearing date will be determined by Nasdaq and, to the extent practicable, will be scheduled within 45 days from the date of the request. The Company is considering all of its options to regain compliance, including the possibility of requesting stockholder approval to amend the Company’s Amended and Restated Certificate of Incorporation to effectuate a reverse split of the Company’s common stock.