MicroVision Receives Nasdaq Global Market Listing Deficiency Notice
REDMOND, Wash., Mar 01, 2013 (BUSINESS WIRE) -- MicroVision, Inc. (MVIS)
announced today that it received a notice on February 26, 2013, from The Nasdaq
Stock Market advising the company that for 30 consecutive business days preceding
the date of the notice the company was not in compliance with the $50,000,000
minimum market value of listed securities required for continued listing on The
Nasdaq Global Market pursuant to Nasdaq's listing requirements. In accordance
with Nasdaq's listing rules, the company has 180 calendar days, or until August
26, 2013, to regain compliance with this requirement. This notification is simply
a notice of deficiency, not of imminent delisting, and has no current effect on
the listing or trading of MicroVision's common stock on The Nasdaq Global Market.
During the 180 day compliance period, MicroVision can regain compliance if the
market value of its listed securities closes at $50,000,000 or more for a minimum
of 10 consecutive business days. The company could also regain compliance with
Nasdaq's continued listing requirements by reporting stockholders' equity of $10
million or more. If the company does not regain compliance by August 26, 2013,
Nasdaq will notify the company that its securities are subject to delisting.
The company outlined its business objectives for 2013 and 2012 business results
in its recent earnings press release and related conference call. The key
objectives for the year included: securing customer commitments under the
company's licensing business model, strengthening its supply chain to enable
customers to bring products to market and aggressively managing cash used in
operations. The company believes the best way to regain compliance is to
successfully execute on its strategy.
About MicroVision
MicroVision is the creator of PicoP(R) display technology, an ultra-miniature
laser projection solution for mobile consumer electronics, automotive head-up
displays and other applications. MicroVision's patented display technology helps
OEMs break down display boundaries and offer enhanced visibility to mobile
experiences. Nearly two decades of research has led MicroVision to become an
independently recognized leader in the development of intellectual property.
MicroVision's IP portfolio has been recognized by the Patent Board as a top 50 IP
portfolio among global industrial companies and is also included in the Ocean
Tomo 300 Patent Index. The company is based in Redmond, Wash.
For more information, visit the company's website at microvision.com,
on Facebook at facebook.com or follow MicroVision on
Twitter at @MicroVision.
MicroVision and PicoP are trademarks of MicroVision Inc. in the United States and
other countries. All other trademarks are the properties of their respective
owners.
Forward-looking Statements
Certain statements contained in this release, including those relating to
MicroVision's expectations, intentions or strategies, are forward-looking
statements that involve a number of risks and uncertainties that could cause
actual results to differ materially from those in the forward-looking statements.
These risks and uncertainties include, but are not limited to, the risk that
MicroVision may not regain compliance with the continued listing standards of the
Nasdaq Stock Market; capital market risks; our ability to raise additional
capital when needed; our, or our customers', failure to perform under open
purchase orders; our financial and technical resources relative to those of our
competitors; our ability to keep up with rapid technological change; government
regulation of our technologies; our ability to enforce our intellectual property
rights and protect our proprietary technologies; the ability to obtain additional
contract awards; the timing of commercial product launches and delays in product
development; the ability to achieve key technical milestones in key products;
dependence on third parties to develop, manufacture, sell and market our
products; potential product liability claims; and other risk factors identified
from time to time in the company's SEC reports, including our Annual Report on
Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Except as
expressly required by federal securities laws, we undertake no obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events, changes in circumstances or any other reason.
cts.businesswire.com
SOURCE: MicroVision, Inc.
MicroVision, Inc.
Dawn Goetter, 425-882-6629 (investors)
or
Edelman
Callie Snyder, 503-471-6816 (media/PR) |
