MicroVision Regains Compliance with Nasdaq Market Value Listing Requirement
May 27 2020 - 7:30AM
MicroVision, Inc. (Nasdaq:MVIS) announced that it has received a
letter from Nasdaq on May 26, 2020 confirming that as of May 22,
2020 the company has regained compliance with Nasdaq’s market value
listing requirement.
MicroVision was notified on April 8, 2020 that it had failed to
meet the market value requirement under Nasdaq Stock Market Listing
Rule 5450(b)(2)(A). MicroVision was notified today that it is now
in compliance with the rule and that Nasdaq considers the matter
closed.
As previously announced, the company is not currently in
compliance with the minimum $1.00 per share bid price requirement
for continued listing on The Nasdaq Global Market pursuant to
Nasdaq’s listing requirements and has until August 24, 2020 to
regain compliance with this requirement. The failure to regain
compliance with the minimum bid price requirement prior to the
deadline may cause the company’s securities to be subject to
delisting.
The company is monitoring the bid price of its listed common
stock. The company continues to execute its business plan and will
consider other actions that it may take in order to regain
compliance with the listing requirements.
About MicroVision
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature sensing and projection solution based on the laser
beam scanning methodology pioneered by the company. MicroVision’s
platform approach for this sensing and display solution means that
its technology can be adapted to a wide array of applications and
form factors. We combine our hardware, software, and algorithms to
unlock value for our customers by providing them a differentiated
advanced solution for a rapidly evolving, always-on world.
Extensive research has led MicroVision to become an
independently recognized leader in the development of intellectual
property. MicroVision’s IP portfolio has been recognized by the
Patent Board as a top 50 IP portfolio among global industrial
companies and has been included in the Ocean Tomo 300 Patent Index.
The company is based in Redmond, Washington.
For more information, visit the company’s website
at www.microvision.com,
on Facebook at www.facebook.com/microvisioninc or
follow MicroVision on Twitter at @MicroVision.
MicroVision® and PicoP® are registered trademarks
of MicroVision, Inc. in the United States and
other countries. All other trademarks are the properties of their
respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those
relating to MicroVision’s execution on its business plan are
forward-looking statements that involve a number of risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those projected in
our forward-looking statements include the risk that the company
may not succeed in finding licensing or other strategic solutions,
including a potential sale of the company, with acceptable timing,
benefits or costs, the company may be unable to evidence compliance
with Nasdaq criteria within the period of time that was granted by
the Nasdaq panel, our ability to operate with limited cash or to
raise additional capital when needed; market acceptance of our
technologies and products; and for products incorporating our
technologies; the failure of our commercial partners to perform as
expected under our agreements, including from the impact of the
COVID-19 (coronavirus); our ability to identify parties interested
in paying any amounts or amounts we deem desirable for the purchase
or license of intellectual property assets; our or our customers’
failure to perform under open purchase orders, our financial and
technical resources relative to those of our competitors; our
ability to keep up with rapid technological change; government
regulation of our technologies; our ability to enforce our
intellectual property rights and protect our proprietary
technologies; the ability to obtain additional contract awards and
develop partnership opportunities; the timing of commercial product
launches and delays in product development; the ability to achieve
key technical milestones in key products; dependence on third
parties to develop, manufacture, sell and market our products;
potential product liability claims; our ability to maintain our
listing on the Nasdaq Stock Market, and other risk factors
identified from time to time in the company's SEC reports,
including the company's Annual Report on Form 10-K filed with the
SEC. These factors are not intended to represent a complete list of
the general or specific factors that may affect us. It should
be recognized that other factors, including general economic
factors and business strategies, may be significant, now or in the
future, and the factors set forth in this release may affect us to
a greater extent than indicated. Except as expressly required by
federal securities laws, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, changes in circumstances
or any other reason.
Investor Relations Contacts
David H. Allen Darrow Associates, Inc. 408.427.4463
dallen@darrowir.com
Microvision (NASDAQ:MVIS)
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