News

WJ Communications Inc of San Jose, CA, USA, which designs and supplies RF products for wireless infrastructure, RFID and WiMAX markets, has received notice from the Nasdaq Stock Market that, for the last 30 consecutive business days, the bid price of its common stock has closed below the minimum $1 per share requirement for continued listing under Marketplace Rule 4450(a)(5). WJ last traded above $1 in intraday trading on 21 November, and has not closed above $1 since 5 November.

The notice has no immediate effect on the listing of WJ’s stock, which will continue to trade on the Nasdaq Global Market (under the symbol ‘WJCI’).

In accordance with Marketplace Rule 4450(e)(2), WJ will be given 180 calendar days (until 17 June) to regain compliance, i.e. for which the bid price must close at or above $1 per share for a minimum of 10 consecutive business days.

If compliance is not regained by 17 June, WJ will receive a written notification from Nasdaq that its securities will be delisted. WJ can then appeal that determination to a Listing Qualifications Panel, or apply to transfer its securities to the Nasdaq Capital Market if it satisfies the requirements for inclusion set forth in Marketplace Rule 4310(c), other than the minimum bid price rule. If the application is approved, WJ will be afforded the remainder of the Nasdaq Capital Market’s second 180 calendar day compliance period to regain compliance with the minimum bid price rule while on the Nasdaq Capital Market.

WJ says that it continues to assess opportunities to maximize shareholder value, including its previously announced engagement of Thomas Weisel Partners LLC to evaluate strategic alternatives.

See related items:

WJ loss widens in Q3 despite cost savings

WJ’s third quarter revenue hit by operational challenges

WJ losses prolonged by delayed fab closure and product qualification

WJ completes closure of its GaAs fab

Search: WJ Communications

Visit: www.wj.com