QuickLogic Corporation (NASDAQ:QUIK) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
QuickLogic Corporation (NASDAQ:QUIK) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On July 18, 2019, QuickLogic Corporation (the “Company”) received a notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that its application to transfer its common stock from the Nasdaq Global Market to the Nasdaq Capital Market had been approved (the “Approval”). The Company’s common stock will be transferred to the Nasdaq Capital Market as of the opening of business on July 22, 2019. Following the move to the NASDAQ Capital Market, the Company’s common stock will continue to trade under the symbol “QUIK”. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements.
As previously announced, the Company received a letter dated January 18, 2019 from the staff of Nasdaq (the “staff”) providing notification that, for the previous 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company had been provided an initial period of 180 calendar days, or until July 17, 2019, to regain compliance. In anticipation of not regaining compliance with Nasdaq Listing Rule 5450(a)(1) by July 17, 2019, we applied to transfer the listing of our common stock to the Nasdaq Capital Market.
As a result of the Approval, the Company has been granted an additional 180-day grace period, or until January 13, 2020, to regain compliance with the minimum bid price requirement. In order to regain compliance, the minimum closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of 10 consecutive business days during the additional 180-day grace period. If we fail to regain compliance during this grace period, our common stock will subject to delisting by Nasdaq. The Company has provided written notice of its intention to cure the minimum bid price deficiency during the second grace period by effecting a reverse stock split if necessary.
About QuickLogic Corporation (NASDAQ:QUIK)
QuickLogic Corporation develops and markets semiconductor and software algorithm solutions. The Company’s solutions primarily target smartphones, wearable devices, tablets, and the Internet-of-Things (IoT). The Company is a fabless semiconductor provider of flexible sensor processing solutions, ultra-low power display bridges, and ultra-low power Field Programmable Gate Arrays (FPGAs). The Company’s solutions integrate multi-core processing, programmable logic, sensor fusion and context aware algorithms, and embedded software. The Company’s solutions are created from its new silicon platforms, including EOS, ArcticLink III, PolarPro 3, PolarPro II, PolarPro, and Eclipse II products, its mature products, which are produced on semiconductor processes over 180 nanometers, primarily include its pASIC 3 and QuickRAM, as well as royalty revenue, programming hardware and design software. Its sensor algorithm software includes SenseMe software library.
