MoSys granted 180-day extension by Nasdaq to regain compliance
MoSys announced that it received notification from the listing qualifications department of Nasdaq indicating that the company will have an additional 180-day grace period, until September 16, to regain compliance with Nasdaq's $1.00 minimum bid requirement. The notification indicated that the company did not regain compliance during the initial 180-day grace period provided under Nasdaq Rule 5810. In accordance with the rule, the company is eligible for the additional grace period because it meets the initial listing requirements for Nasdaq, except for the bid-price requirement and provided written notice of its intention to cure the deficiency during the additional 180-day grace period by effecting a reverse stock split, if necessary, within ten business days prior to expiration of the grace period. The company can regain compliance by maintaining a minimum closing bid price of $1.00 per share for 10 consecutive business days. If MoSys does not meet the minimum bid requirement during the additional 180-day grace period, Nasdaq will provide written notification to the company that its common stock will be subject to delisting. At such time, the company may appeal the delisting determination. The company would remain listed pending the panel's decision.