Silicon Graphics, Inc. (Silicon Graphics) has received a delisting notification letter from The NASDAQ Stock Market (NASDAQ) on March 3, 2009. The letter indicates that trading of company's common stock will be suspended at the opening of business on March 12, 2009 due to a failure to comply with the market value of publicly held shares requirement for continued listing set forth in marketplace rule.
Silicon Graphics has requested a hearing before a Nasdaq Listing Qualification Panel to review the Staff Determination. A hearing request will stay the suspension of the company’s securities and the filing of the Form 25-NSE pending the Panel’s decision.
On December 1, 2008, the company received a notification letter that its market value of listed securities had been below the requirement for continued inclusion under Marketplace Rule 4310(c)(3)(B) and, as such, the company’s common stock had become non-compliant with NASDAQ’s requirements. The company was provided a compliance period of 30 calendar days, or until December 31, 2008, to regain compliance. On January 13, 2009, NASDAQ filed an immediately effective rule change with the Securities and Exchange Commission to extend the compliance period from 30 calendar days to 90 calendar days. Accordingly, the company was provided until March 2, 2009 to regain compliance. Per NASDAQ’s March 3 Staff Determination Letter, the company has not regained compliance w/ Rule 4310(c)(3)(B).