NYSE Reviews Listing Status of SGI Common Stock
Company Committed to Restoring Long-Term Share Price Compliance by
April 2003
MOUNTAIN VIEW, Calif., Dec 11, 2002 /PRNewswire-FirstCall via COMTEX/
-- The NYSE has advised SGI (SGI) that it will continue the listing of its
Common Stock at this time. The Company will be subject to periodic reviews
of share price levels and its progress in implementing operational and
strategic plans to restore long-term compliance with the NYSE's minimum
average share price requirement for continued listing.
"We continue to work closely with the NYSE to keep them informed of our
business progress and the factors we believe will result in ongoing
improvements in our operational performance," said Jeff Zellmer, senior vice
president and chief financial officer.
SGI previously reported in its Form 10-Q that it had received an NYSE notice
on October 24, 2002 indicating that its stock price was below the required
minimum price of $1.00 per share when averaged over a 30 trading day
period. Since that time, the Company's stock price has increased and is
currently above the minimum threshold for continued listing.
The NYSE has also informed SGI that its return to share price compliance
must be accomplished on an actual and 30 trading day average basis to
levels above $1.00 by April 30, 2003. The NYSE further noted that it may at
any time choose to suspend the continued listing of a security.
SGI's common stock closed at $1.43 per share on December 10, 2002, with
a 30 trading day average of $1.13.
About SGI
Celebrating its 20th year, SGI, also known as Silicon Graphics, Inc., is the
world's leader in high-performance computing, visualization and the
management of complex data. SGI(R) products, services and solutions
enable its technical and creative customers to gain strategic and competitive
advantages in their core businesses. Whether being used to design and build
safer cars and airplanes, discover new medications and oil reserves, predict
the weather, entertain us with thrilling movie special effects or provide
mission-critical support for government and defense, SGI systems and
expertise are empowering a world of innovation and discovery. The company,
located on the Web at www.sgi.com, is headquartered in Mountain View,
Calif., and has offices worldwide. |
