RUBICON TECHNOLOGY, INC. (NASDAQ:RBCN) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

RUBICON TECHNOLOGY, INC. (NASDAQ:RBCN) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

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Item3.01 Notice of Delisting or Failure to Satisfy a
Continued Listing Rule or Standard; Transfer of Listing.

As previously disclosed, on April19, 2016, while the common stock
of Rubicon Technology, Inc. (the Company) was listed on the
NASDAQ Global Market, the Company received notice from the
Listing Qualifications Department of The NASDAQ Stock Market LLC
(NASDAQ) indicating that the Company no longer complied with
NASDAQs minimum bid price requirement because the closing bid
price for the Companys common stock was below $1.00 for 30
consecutive business days and, as a result, did not comply with
Listing Rule 5450(a)(1). In accordance with the NASDAQ listing
rules, the Company had an initial grace period of 180 calendar
days to regain compliance with the minimum bid price requirement.
Effective October20, 2016, the listing of the Companys common
stock was transferred from the NASDAQ Global Market to the NASDAQ
Capital Market. As a result of this transfer, the Company was
granted an additional 180-day grace period, or until April 17,
2017, to regain compliance with the minimum bid price
requirement. To regain compliance, the bid price of the Companys
common stock must be at least $1.00 per share for at least 10
consecutive business days.

On April 19, 2017, the Company received a staff determination
letter from the Listing Qualifications Department of NASDAQ
informing the Company that it has failed to regain compliance
with the minimum bid price requirement set forth in Listing Rule
5550(a)(2), and that the Companys common stock would be delisted
from the NASDAQ Capital Market at the opening of business on
April 28, 2017, unless the Company requests an appeal of this
determination on or before April 26, 2017. The Company intends to
appeal the Nasdaq staff’s determination by requesting a hearing
before a Nasdaq listing qualifications panel. A timely request
will stay the delisting of the Company’s securities until the
hearing is completed and the hearing panel has issued a written
decision. The hearing date will be determined by NASDAQ and, to
the extent practicable, would be scheduled within 45 calendar
days from the date of the request.

At the Companys 2017 annual meeting of stockholders scheduled to
be held on May 3, 2017, the Company is seeking approval from its
stockholders to amend (the Amendment) its Amended and Restated
Certificate of Incorporation, as amended, to effect a reverse
stock split of the Companys common stock by a ratio of not less
than 1-for-10 and not greater than 1-for-20, with the exact ratio
to be determined by the Companys Board of Directors (the Board)
in its sole discretion (the Reverse Stock Split). Based on the
Companys discussions with the NASDAQ staff, the Board currently
believes that effecting the Reverse Stock Split and demonstrating
compliance with the minimum bid price requirement during the
appeal process would assist the Company in maintaining its
listing on NASDAQ. However, the Company can provide no assurance
that, following the hearing, the hearing panel will grant the
Company’s request for continued listing. Further information
regarding the Reverse Stock Split, including certain risks
associated therewith, is included in the Companys definitive
proxy statement on Schedule 14A filed with the SEC on April 11,
2017 (the Proxy Statement).

Forward-Looking Statements

This Current Report on Form 8-K in forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements include, among
others, statements concerning whether stockholders will approve
the Amendment at the Companys 2017 annual meeting of stockholders
or whether the Companys common stock will remain listed on the
NASDAQ Capital Market. These forward-looking statements involve
known and unknown risks, uncertainties, and other factors that
may cause actual results to be materially different from any
future results expressed or implied by the forward-looking
statements. Forward-looking statements are based on managements
current, preliminary expectations and are subject to various
risks and uncertainties. Many factors, risks and uncertainties
may cause the Companys actual results to differ materially from
forward-looking statements, including the factors, risks, and
uncertainties detailed in our filings with the SEC, including,
but not limited to, the Proxy Statement and the Companys 2016
Annual Report on Form 10-K filed on March 16, 2017. The Company
does not undertake to update any forward-looking statements
except as required by law.

Item 8.01 Other Events.

The disclosure set forth in Item 3.01 hereof is hereby
incorporated by reference.


Rubicon Technology, Inc. is a vertically integrated, electronic materials provider specializing in monocrystalline sapphire for applications in light-emitting diodes (LEDs), optical systems and specialty electronic devices. The Company’s product lines include sapphire cores; four and six-inch sapphire wafers; four, six, and eight-inch patterned sapphire substrate (PSS) wafers, and optical sapphire components. Its sapphire is also used as an exterior component in mobile devices, specifically camera lens covers, dual flashes and home buttons on certain newer model smartphones and as the crystal covering the faces of certain smart watches. In addition, some consumer electronics original equipment manufacturers (OEMs) use sapphire faceplates for smartphones. For the LED market, it sells 2 to 6-inch material in core form and four, six and eight-inch material in polished and PSS wafer form. Its principal customers are semiconductor device manufacturers and wafer polishing companies.


RUBICON TECHNOLOGY, INC. (NASDAQ:RBCN) closed its last trading session up +0.030 at 0.750 with 121,063 shares trading hands.

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