NEI Receives Notification From NASDAQ.
This letter has no immediate effect on the listing of NEI's common stock.
The letter stated that, in accordance with NASDAQ Marketplace Rule 5810(c)(3), NEI will be provided 180 calendar days, or until November 26, 2012, to regain compliance with the minimum bid price requirement set forth in NASDAQ Marketplace Rule 5450(a)(1) by maintaining a closing bid price of $1.00 per share or higher for a minimum of 10 consecutive trading days. If NEI is unsuccessful in meeting the minimum bid requirement during this initial 180-day period, NASDAQ will provide notice to NEI that NEI's common stock will be delisted from the NASDAQ Global Market. If NEI receives such a notice, it may appeal the determination to the NASDAQ Listing Qualifications Panel. It may also apply to transfer its common stock to the NASDAQ Capital Market if NEI satisfies all criteria for initial listing on the NASDAQ Capital Market, other than compliance with the minimum bid price requirement. If such application to the NASDAQ Capital Market is approved, then NEI will have an additional 180-day compliance period in order to regain compliance with the minimum bid price requirement while listed on the NASDAQ Capital Market.
NEI is considering alternatives to regain compliance with the continued listing requirements of the NASDAQ Global Market within the initial 180-day period.
NEI is a leading provider of server-based application platforms and lifecycle support services for software developers and OEMs worldwide. Through its expertise and comprehensive suite of solution design, system integration, application management, global logistics, support, and maintenance services, NEI is redefining application deployment solutions to provide customers with a sustainable competitive advantage. More than a decade of appliance innovation with the ability to provide physical, virtual and cloud-ready solutions makes NEI one of the most trusted software deployment partners in the industry. Founded in 1997, NEI is headquartered in Canton, Massachusetts, with facilities in Plano, Texas and Galway, Ireland, and trades on the NASDAQ exchange under the symbol NEI. For more information, visit www.nei.com.
Safe Harbor for Forward-Looking Statements
Statements in this press release regarding the Company's ability to regain compliance with the continued listing requirements of the NASDAQ Global Market and any other statements about the Company's management's future expectations, beliefs, goals, plans or prospects, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including those factors contained in the Company's most recent Annual Report on Form 10-K for the year ended September 30, 2011 and the most recent Form 10-Q for the quarter ended March 31, 2012 under the section "Risk Factors" as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Forward-looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. The Company assumes no obligations to update the information included in this press release.
Hayden IR Peter Seltzberg 646-415-8972 firstname.lastname@example.org email@example.com
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|Date:||May 31, 2012|
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