Silicon Graphics, Inc. Receives Nasdaq Delisting Notification
10 March 2009 - 9:44AM
PR Newswire (US)
- Company requests hearing before Nasdaq Listing Qualification
Panel SUNNYVALE, Calif., March 9 /PRNewswire-FirstCall/ -- Silicon
Graphics, Inc. (the "Company") (NASDAQ:SGIC) announced today that
it received a notification letter from The Nasdaq Stock Market on
March 3, 2009, indicating that trading of the Company's common
stock will be suspended at the opening of business on March 12,
2009 due to a failure to comply with the market value of publicly
held shares requirement for continued listing set forth in
Marketplace Rule 4310(c)(3)(B). The Company has requested a hearing
before a Nasdaq Listing Qualification Panel to review the Staff
Determination. A hearing request will stay the suspension of the
Company's securities and the filing of the Form 25-NSE pending the
Panel's decision. On December 1, 2008, the Company received a
notification letter that its market value of listed securities had
been below the requirement for continued inclusion under
Marketplace Rule 4310(c)(3)(B) and, as such, the Company's common
stock had become non-compliant with Nasdaq's requirements. The
Company was provided a compliance period of 30 calendar days, or
until December 31, 2008, to regain compliance. On January 13, 2009,
Nasdaq filed an immediately effective rule change with the
Securities and Exchange Commission to extend the compliance period
from 30 calendar day to 90 calendar days. Accordingly, the Company
was provided until March 2, 2009 to regain compliance. Per Nasdaq's
March 3 Staff Determination Letter, the Company has not regained
compliance w/ Rule 4310(c)(3)(B). There can be no assurance that
the Panel will grant the Company's request for continued listing.
About Silicon Graphics, Inc. Silicon Graphics, Inc. (NASDAQ:SGIC),
is a leader in high-performance computing. SGI delivers a complete
range of high-performance server, visualization, and storage
solutions along with industry-leading professional services and
support that enable its customers to overcome the challenges of
complex data-intensive workflows and accelerate breakthrough
discoveries, innovation and information transformation. SGI
solutions help customers solve their computing challenges whether
it's enhancing the quality of life through drug research, designing
and manufacturing safer and more efficient cars and airplanes,
studying global climate, providing technologies for homeland
security and defense, or helping enterprises manage large data.
Headquartered in Sunnyvale, California, the company can be found on
the Web at http://www.sgi.com/. Silicon Graphics, SGI, the SGI
cube, and the SGI logo are registered trademarks of SGI in the
United States and/or other countries worldwide. All other
trademarks mentioned herein are the property of their respective
owners Contact Lisa Provenzano 408-524-2810 DATASOURCE: Silicon
Graphics, Inc. CONTACT: Lisa Provenzano of Silicon Graphics, Inc.,
+1-408-524-2810 Web Site: http://www.sgi.com/
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