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GIGM - - Press ReleaseSource: GigaMedia Limited
GigaMedia Receives Extension of Listing on Nasdaq National Market
Monday April 7, 6:13 am ET
TAIPEI, Taiwan, April 7 /PRNewswire-FirstCall/ -- GigaMedia Limited ("GigaMedia") (Nasdaq: GIGM - News; www.giga.net.tw), a diversified provider of online and offline entertainment services in Taiwan, today announced that on April 4, 2003 the company received a determination from Nasdaq with respect to GigaMedia's request for continued inclusion on The Nasdaq National Market pursuant to an exception to the bid price requirement, as set forth in Nasdaq Marketplace Rule 4450(a)(5). The Nasdaq Listing Qualifications Panel determined to continue the listing of GigaMedia's securities on the Nasdaq National Market pursuant to a 90-day exception to allow for developments in the rule-making process, including proposed modifications by Nasdaq to bid price rules. On March 18, 2003, Nasdaq proposed granting to qualified National Market issuers 180-day compliance periods within which to regain compliance with the minimum bid price requirement. Nasdaq's proposals are currently under consideration by the SEC.
In accordance with the 90-day exception granted to GigaMedia to regain compliance, on or before July 3, 2003, GigaMedia must evidence a closing price of at least $1.00 per share and, immediately thereafter, a closing bid price of at least $1.00 per share for a minimum of ten consecutive trading days. At the expiration of said 90-day exception, a new decision will be issued subsequent to the SEC's determination regarding Nasdaq's proposed rule changes and GigaMedia will be afforded the remainder of any grace period for which it qualifies. In order to fully comply with the terms of this exception, GigaMedia must be able to demonstrate compliance with all requirements for continued listing on the Nasdaq National Market. In the event the company fails to do so, its securities may be transferred to The Nasdaq SmallCap Market provided it evidences compliance, as well as an ability to sustain compliance, with all requirements for continued listing on that market. If it is unable to do so, GigaMedia's securities will be delisted from the Nasdaq Stock Market.