$NLST - News Out ---> Netlist Announces Move to OT
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Posted On: 09/26/2018 8:43:57 AM
$NLST - News Out ---> Netlist Announces Move to OTCQX® - #trader #investor #business #stocks #finances #daytrader #swingtrader #tradetoretire #trading101 #transparenttraders
IRVINE, Calif., Sept. 26, 2018 /PRNewswire/ -- Netlist, Inc. (NLST) today announced that it will move trading in the Company's common stock to the OTCQX® from The Nasdaq Capital Market effective September 27, 2018.
As previously disclosed in the Company's news releases and filings with the Securities and Exchange Commission (SEC), Netlist was not in compliance with certain requirements for maintaining its listing on The Nasdaq Capital Market, including Nasdaq's $1 per share minimum bid price rule. Netlist submitted a plan to regain compliance to the Nasdaq Hearings Panel with a request for an extension of time to remain listed on The Nasdaq Capital Market through September 25, 2018. On May 17, 2018, Nasdaq granted Netlist's request subject to the satisfaction of a number of conditions. As of September 25, 2018, Netlist has met all of these conditions with the exception of effecting a reverse stock split in order to cure the $1 minimum bid price deficiency. After much careful discussion and deliberation, the Netlist Board of Directors decided to avoid the potentially dilutive effects of a reverse stock split and move voluntarily to the OTCQX®, which is the highest market tier operated by OTC Markets Group Inc. Quotes and related Company information will be available at www.otcmarkets.com.
Netlist remains a public company and will retain the "ticker" symbol "NLST." Netlist plans to continue to make all required SEC filings, including those on Forms 10-K, 10-Q and 8-K, and will remain subject to all SEC rules and regulations applicable to reporting companies under the Exchange Act. The Company plans to maintain an independent Board of Directors with an independent Audit Committee and to provide annual financial statements audited by a Public Company Accounting Oversight Board (PCAOB) auditor and unaudited interim financial reports prepared in accordance with U.S. generally accepted accounting principles (GAAP).
Netlist intends to apply to relist on a national stock exchange in the future upon meeting the applicable initial listing standards of that exchange.
About Netlist
Netlist provides high-performance SSDs and modular memory subsystems to enterprise customers in diverse industries. Flagship products NVvault® and EXPRESSvault™ enable customers to accelerate data in their servers and storage and reliably protect enterprise-level cache, metadata and log data in the event of a system failure or power outage. HybriDIMM™, Netlist's next-generation storage class memory product, addresses the growing need for real-time analytics in Big Data applications, in-memory databases, high-performance computing and advanced data storage solutions. Netlist also manufactures and provides a line of specialty and legacy memory products to storage customers, appliance customers, system builders and cloud and datacenter customers. Netlist holds a portfolio of patents, many seminal, in the areas of hybrid memory, storage class memory, rank multiplication and load reduction. To learn more, visit www.netlist.com.
IRVINE, Calif., Sept. 26, 2018 /PRNewswire/ -- Netlist, Inc. (NLST) today announced that it will move trading in the Company's common stock to the OTCQX® from The Nasdaq Capital Market effective September 27, 2018.
As previously disclosed in the Company's news releases and filings with the Securities and Exchange Commission (SEC), Netlist was not in compliance with certain requirements for maintaining its listing on The Nasdaq Capital Market, including Nasdaq's $1 per share minimum bid price rule. Netlist submitted a plan to regain compliance to the Nasdaq Hearings Panel with a request for an extension of time to remain listed on The Nasdaq Capital Market through September 25, 2018. On May 17, 2018, Nasdaq granted Netlist's request subject to the satisfaction of a number of conditions. As of September 25, 2018, Netlist has met all of these conditions with the exception of effecting a reverse stock split in order to cure the $1 minimum bid price deficiency. After much careful discussion and deliberation, the Netlist Board of Directors decided to avoid the potentially dilutive effects of a reverse stock split and move voluntarily to the OTCQX®, which is the highest market tier operated by OTC Markets Group Inc. Quotes and related Company information will be available at www.otcmarkets.com.
Netlist remains a public company and will retain the "ticker" symbol "NLST." Netlist plans to continue to make all required SEC filings, including those on Forms 10-K, 10-Q and 8-K, and will remain subject to all SEC rules and regulations applicable to reporting companies under the Exchange Act. The Company plans to maintain an independent Board of Directors with an independent Audit Committee and to provide annual financial statements audited by a Public Company Accounting Oversight Board (PCAOB) auditor and unaudited interim financial reports prepared in accordance with U.S. generally accepted accounting principles (GAAP).
Netlist intends to apply to relist on a national stock exchange in the future upon meeting the applicable initial listing standards of that exchange.
About Netlist
Netlist provides high-performance SSDs and modular memory subsystems to enterprise customers in diverse industries. Flagship products NVvault® and EXPRESSvault™ enable customers to accelerate data in their servers and storage and reliably protect enterprise-level cache, metadata and log data in the event of a system failure or power outage. HybriDIMM™, Netlist's next-generation storage class memory product, addresses the growing need for real-time analytics in Big Data applications, in-memory databases, high-performance computing and advanced data storage solutions. Netlist also manufactures and provides a line of specialty and legacy memory products to storage customers, appliance customers, system builders and cloud and datacenter customers. Netlist holds a portfolio of patents, many seminal, in the areas of hybrid memory, storage class memory, rank multiplication and load reduction. To learn more, visit www.netlist.com.
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