Sigma Designs, Inc. (NASDAQ:SIGM) 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 disclosed in Item 5.02 on the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 23, 2018, Pete Thompson resigned from the Board of Directors (the “Board”) of Sigma Designs, Inc. (the “Company”) effective as of January 19, 2018. Mr. Thompson was an independent director of the Company and a member of the Audit Committee of the Board. As a result of Mr. Thompson’s resignation, the Company no longer complies with Nasdaq’s audit committee requirements as set forth in Nasdaq Listing Rule 5605 because the Audit Committee of the Boardis not comprised of at least three independent directors. The Board has begun a process to identify a candidate to fill the vacancy resulting from Mr. Thompson’s resignation as promptly as practicable. In the meantime, the Company is relying upon the cure period under Nasdaq Listing Rule 5605(c)(4) with respect to the vacancy on the Audit Committee. Under such cure period to Nasdaq Listing Rule 5605(c)(4), the Company is required to regain compliance with the audit committee requirements under Nasdaq Listing Rule 5605 by the earlier of the Company’s next annual shareholders’ meeting or January 19, 2019; provided that if the Company’s next annual shareholders’ meeting is held before July 18, 2018, then the Company must evidence compliance no later than July 18, 2018. The Company provided a related notice to the Nasdaq Stock Market on January 24, 2018. On January 24, 2018, the Company received a notice from Nasdaq acknowledging the fact that the Company does not meet the requirements of Nasdaq Listing Rule 5605, and acknowledging that the Company has until the end of such cure period under Nasdaq Listing Rule 5605(c)(4) to regain compliance.
About Sigma Designs, Inc. (NASDAQ:SIGM)
Sigma Designs, Inc. is a provider of global integrated semiconductor solutions. The Company offers media platforms for use in the home entertainment and home control markets. The Company sells its products into markets, including smart television, media connectivity, set-top box and Internet of Things (IoT) devices. The Company’s media processor product line consists of a range of functionally similar platforms that are based on integrated chips, embedded software and hardware reference designs. The Company’s media connectivity product line consists of wired home networking controller chipsets that are designed to provide connectivity solutions between various home entertainment products and incoming video streams. The Company’s IoT devices product line consists of its wireless Z-Wave chips and modules. The Company is engaged in the license of its internally developed intellectual property. It also offers legacy products that are sold into prosumer and other industrial applications.