SAN DIEGO, Nov. 3, 2010 /PRNewswire-FirstCall/ -- InfoSonics
Corporation (Nasdaq: IFON) announced today that on November 2, 2010 it received notification that
The NASDAQ Stock Market approved InfoSonics' application to
transfer its stock listing to The NASDAQ Capital Market from its
current position on The NASDAQ Global Market. The transfer
will be effective at the opening of the market on Thursday, November 4, 2010. The Company's
stock symbol, "IFON", will not change as a result of the
transfer.
In accordance with NASDAQ Marketplace Rules, the Company also
reported that it has been granted an additional 180-day compliance
period until May 2, 2011 to
demonstrate compliance with the minimum $1.00 bid price requirement of The NASDAQ Capital
Market.
The Company's market transfer is in response to the notice it
received from NASDAQ on May 4, 2010
stating that for 30 consecutive days the bid price for the
Company's common stock had closed below the minimum $1.00 per share as required by Marketplace Rule
5550(a)(1) for continued listing on the NASDAQ Global Market, and
was a prerequisite condition to receiving the additional compliance
period. The Company's initial compliance period ended
November 1, 2010.
About InfoSonics Corporation
InfoSonics is a provider of wireless handsets and related
products to carriers and distributors in Latin America and Asia Pacific. The
Company distributes products supplied by OEMs and also designs,
develops, manufactures, markets, sells and provides after-sales
support for its own proprietary line of products under the
verykool® and other private label brands. Additional
information can be found on our corporate website at
www.infosonics.com and www.verykool.net.
Except for the factual statements made herein, the information
contained in this news release consists of forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks, uncertainties and
assumptions that are difficult to predict. Such
forward-looking statements are not guarantees of performance and
actual results could differ materially due to a number of important
factors, including, but not limited to: (i) the ability of the
Company's common stock to maintain a closing bid price of
$1.00 per share or higher for a
minimum of 10 consecutive trading days; (ii) risks related to the
Company's ability to maintain compliance with other Nasdaq
continued listing requirements and (iii) Nasdaq's discretionary
authority regarding the appeal process. Reference is also made to
other risks and factors detailed from time to time in our periodic
reports filed with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date of this
release and we undertake no obligation to publicly update any
forward-looking statements to reflect new information, events or
circumstances after the date of this release.
SOURCE InfoSonics Corporation