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Optical communications component and module maker Avanex Corp of Fremont, CA, USA has received a letter from Nasdaq’s Listing Qualifications Department confirming that, for the previous 30 consecutive trading days, the bid price of the firm’s common stock closed below the minimum $1 per share requirement for continued listing set forth in Marketplace Rule 4450(a)(5).

Avanex will therefore be given 180 days (until 2 September) to regain compliance with the minimum $1 per share bid price requirement. If, in the meantime, the bid price closes at or above $1 per share for at least 10 consecutive trading days (or a longer period of time as may be required by Nasdaq, at its discretion), then Avanex expects written notification that it has complied with rule 4450(a)(5).

Avanex says that it will consider the implementation of various options available to it if its common stock does not trade at a level that is likely to regain compliance.

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