Back to the minors for this one!!
Tuesday May 21, 11:00 am Eastern Time
Press Release
SOURCE: Lumenon Innovative Lightwave Technology, Inc.
Lumenon Innovative Lightwave Technology, Inc. Receives Notification Regarding Delisting From Nasdaq National Market
Company Applies to Trade on Nasdaq SmallCap Market
ST. LAURENT, Quebec--(BUSINESS WIRE)--May 21, 2002--Lumenon Innovative Lightwave Technology, Inc. (NASDAQ: LUMM - News) announced today that on May 16, 2002 it received a letter from The Nasdaq Stock Market, Inc. ("Nasdaq") that Nasdaq had determined to delist the Company's common stock from The Nasdaq National Market, effective at the opening of business on May 24, 2002, unless the Company requests a hearing to appeal Nasdaq's decision or submits an application to transfer its securities to The Nasdaq SmallCap Market (the "SmallCap").
In its notice to the Company, Nasdaq informed the Company that the Company was not in compliance with Marketplace Rule 4450(a)(5) because the bid price of the Company's common stock closed at less than $1.00 per share over 30 consecutive trading days and that the Company was not in compliance with Marketplace Rule 4450(e)(2) because it had not regained compliance with Marketplace Rule 4450(a)(5) within 90 calendar days.
The Company has applied to transfer its securities to the SmallCap. If the transfer application is approved, the Company will have a grace period until August 13, 2002 to meet the minimum $1.00 bid price requirement for continued inclusion on the SmallCap. According to Nasdaq, the Company may be eligible for an additional 180 calendar day grace period provided the Company meets the initial listing criteria for the SmallCap under Marketplace Rule 4310(c)(2)(A). In its notice to the Company, Nasdaq stated that the Company may be eligible to transfer from the SmallCap to The Nasdaq National Market if, by February 10, 2003, the Company's bid price maintains the $1.00 per share requirement for 30 consecutive trading days and the Company has maintained compliance with all other continued listing requirements of The Nasdaq National Market.
There can be no assurance when, if at all, the Company's SmallCap transfer application will be approved. If the transfer application is not approved, the Company's common stock will be delisted. In such an event, the Company may trade its securities on the over-the-counter electronic bulletin board (OTCBB).
About Lumenon Innovative Lightwave Technology, Inc.:
Lumenon Innovative Lightwave Technology, Inc., a photonic materials science and process technology company, designs, develops and builds optical components and integrated optical devices in the form of packaged compact hybrid glass and polymer circuits on silicon chips. These photonic devices - based upon Lumenon's proprietary materials and patented PHASIC(TM) design process and manufacturing methodology - offer communications providers the ability to dramatically boost bandwidth for today's burgeoning telecommunication, data communication and cable industries.
For more information about Lumenon Innovative Lightwave Technology, Inc., visit the Company's Web site at www.lumenon.com.
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