SEMILEDS CORPORATION (NASDAQ:LEDS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On September 2, 2020, the Company received a notice from The NASDAQ Stock Market (“Nasdaq”) dated September 1, 2020 indicating that the Company had not held an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year ended August 31, 2019, as required by Listing Rule 5620(a) and 5810(c)(2)(G) for continued listing. Under the listing rule, the Company has 45 calendar days to submit a plan to regain compliance and Nasdaq will grant an extension of up to 180 calendar days from the fiscal year end or until March 1, 2021 if the plan is accepted.
On September 2, 2020, the Company provided Nasdaq with a plan stating that the Company will hold an annual shareholders’ meeting on September 25, 2020. There can be no assurance that Nasdaq will accept the plan and the Company will be able to regain compliance with the Annual Meeting Requirement or maintain compliance with any other Nasdaq requirement in the future.
About SEMILEDS CORPORATION (NASDAQ:LEDS)
SemiLEDs Corporation develops, manufactures and sells light emitting diode (LED) chips and LED components. The Company’s products are used primarily for general lighting applications, including street lights and commercial, industrial and residential lighting. Its LED chips may also be used in specialty industrial applications, such as ultraviolet (UV), curing of polymers, LED light therapy in medical/cosmetic applications, counterfeit detection, LED lighting for horticulture applications, architectural lighting and entertainment lighting. The Company produces a range of blue, white, green and UV LED chips, including its Enhanced Vertical (EV) LED product series, ranging from chip sizes of approximately 380 microns (um) by 380um to 1,520um by 1,520um. It designs, assembles and sells lighting fixtures and systems for general lighting applications, including commercial, residential and industrial lighting. Its lighting products consist primarily of LED luminaries and LED retrofits.