VIOLIN MEMORY, INC. (OTCMKTS:VMEM) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Item2.04
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Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. |
On November18, 2016, the common stock of Violin Memory, Inc.
(Violin) was removed from listing for trading on the New York
Stock Exchange (the NYSE).
to the terms and conditions of Violins 4.25% Convertible Senior
Notes Due 2019 (the Notes), a Fundamental Change occurs if
Violins common stock, into which the Notes are convertible,
ceases to be listed or quoted on any of the NYSE, The NASDAQ
Global Market or The NASDAQ Global Select Market (or any of their
respective successors). Violin is required to notify each holder
of the Notes on or before December3, 2016, the fifteenth calendar
day following the effective date of the Fundamental Change, of:
(i)the Fundamental Change; and (ii)the right of each holder of
the Notes to require Violin to repurchase the Notes at a
repurchase price equal to 50% of the principal amounts of the
Notes, plus accrued and unpaid interest, if any, on a repurchase
date which will be not less than twenty business days, nor more
than 35 business days, following the Fundamental Change notice.
Violin has not yet fixed a repurchase date for the Notes or
notified the holders of the Notes of the Fundamental Change and
their rights with respect to repurchase.
| Item3.01 |
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On November18, 2016, Violins common stock was removed from
listing for trading on the NYSE because Violin was not in
compliance with the continued listing standard set forth in
Section802.01B of the NYSE Listed Company Manual requiring listed
companies to maintain an average global market capitalization
over a thirty trading-day period of at least $15 million. Violin
previously disclosed that, on October28, 2016, the NYSE notified
Violin that Violins common stock was suspended from trading at
the close of the market on October27, 2016, and that staff of
NYSE Regulation had determined to commence proceedings to delist
Violins common stock.
Violins common stock currently is trading on the OTCQX Market
under the symbol VMEM.
About VIOLIN MEMORY, INC. (OTCMKTS:VMEM)
Violin Memory, Inc. offers a class of flash-based storage solutions to bring storage performance in line with high-speed applications, servers and networks. The Company’s Flash Storage Platform is designed at each level of the system architecture to leverage the inherent capabilities of flash memory and meet the requirements of business-critical applications, virtualized environments and Big Data in enterprise data centers. The Flash Storage Platform is a vertically integrated design of software, firmware and hardware, which runs the Company’s Concerto OS 7, a single operating system with integrated continuous data protection, in-line block de-duplication and compression, stretch metro cluster and logical unit number (LUN) mirroring, as well as its suite of other Enterprise Data Services. Its products include 7300E Flash Storage Platform, 7600 Flash Storage Platform, 7700 Flash Storage Platform, 6000 Series All Flash Array and Symphony Management Suite Version 3.0. VIOLIN MEMORY, INC. (OTCMKTS:VMEM) Recent Trading Information
VIOLIN MEMORY, INC. (OTCMKTS:VMEM) closed its last trading session up +0.005 at 0.230 with 153,851 shares trading hands.