SBE, Inc. Announces Receipt of NASDAQ Staff Determination Letter
March 23 2007 - 4:30PM
Business Wire
SBE, Inc. (Nasdaq: SBEI), today announced that it received a staff
determination letter from The Nasdaq Stock Market Inc. (Nasdaq) on
March 20, 2007 stating that the Company's common stock is subject
to delisting from The Nasdaq Capital Market for failure to comply
with Marketplace Rule 4310(c)(2)(B), which requires the company to
maintain minimum stockholders� equity of $2.5 million, or $35.0
million market value of listed securities, or $500,000 of net
income from continuing operations for the most recently completed
fiscal year or two of the three most recently completed fiscal
years. As previously reported, on January 11, 2007, the company
received a staff determination letter from Nasdaq stating that its
common stock is subject to delisting from The Nasdaq Capital Market
for failure to comply with Marketplace Rule 4310(c)(4) which
requires the Company to maintain a minimum bid price of $1.00. The
company filed an appeal of the staff�s determination of January 11,
2007 to the Nasdaq Listings Qualifications Panel (the Panel).
Delisting of the company�s common stock from NASDAQ is stayed
pending the determination of the Panel. The appeals hearing was
held on February 22, 2007 and the company is awaiting the Panel�s
determination. NASDAQ has indicated that the Panel will also
consider the Company�s failure to maintain a minimum stockholders�
equity of $2.5 million in rendering a determination regarding the
Company�s continued listing on The NASDAQ Capital Market. Pursuant
to Marketplace Rule 4804(c), the company has until March 27, 2007
to present its plan of corrective action to the Panel. A special
meeting of the SBE stockholders has been scheduled for March 29,
2007 to approve the sale of the company�s embedded hardware
business to One Stop Systems and to approve a 1 for 5 reverse stock
split. A proxy statement detailing the sale transaction and reverse
stock split has been mailed to all SBE shareholders of record as of
March 6, 2007. The reverse stock split will be sufficient to
increase the bid price on the company�s common stock to $1.00 or
more and the company will record a gain on the sale of its embedded
hardware business that will be sufficient to correct the deficit in
stockholders� equity, correcting both the bid price and shareholder
equity deficiencies. About SBE SBE designs and provides IP-based
storage networking solutions for an extensive range of business
critical applications, including back-up and disaster recovery. SBE
delivers a portfolio of scalable, standards-based hardware and
software products designed to enable optimal performance and rapid
deployment across a wide range of next-generation storage systems.
Based in San Ramon, California, SBE is a publicly traded company
(NASDAQ: SBEI) with products sold worldwide through direct sales,
OEMs and system integration partners. More information is available
at www.sbei.com. Forward-Looking Statements This news release
contains certain forward-looking statements that involve risks and
uncertainties, including statements about a hearing before the
Nasdaq Listing Qualifications Panel. Such statements are only
predictions and the company�s actual results may differ materially
from those anticipated in these forward-looking statements. These
factors and others are more fully discussed in the documents the
company files from time to time with the Securities and Exchange
Commission, particularly, the Form 8-K filed with the Securities
and Exchange Commission on the date hereof and the company's most
recent Form 10-K and Form 10-Q. SBE and the SBE logo are registered
trademarks of SBE, Inc.
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