NASDAQ Grants SBE's Request for Continued Listing
April 16 2007 - 11:01AM
Business Wire
SBE, Inc. (�SBE� or the �Company�) (NASDAQ:SBEI), a provider of
high-performance IP storage solutions serving remote back-up and
disaster recovery applications, today announced that the NASDAQ
Listing Qualifications Panel has granted SBE�s request for
continued listing on the NASDAQ Stock Market subject to certain
conditions listed below. This action follows recent steps taken by
SBE to come into compliance with NASDAQ requirements for continued
listing including a gain to stockholders� equity resulting from the
$2.2 million sale of its embedded hardware business to One Stop
Systems, Inc. on March 30, 2007 and an increase in bid price
resulting from the 1-for-5 reverse stock split effected on April 2,
2007. Previously, SBE had received NASDAQ Staff Determination
letters informing the Company that it was not in compliance as set
forth in Marketplace Rule 4310(c)(4), which requires the Company to
maintain a minimum bid price of $1.00 and 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. SBE�s continued
listing is subject to certain specified conditions, including: 1.
On or before April 17, 2007, the Company must have evidenced a
closing bid price of $1.00 or more for a minimum of ten prior
consecutive trading days. 2. On or before April 30, 2007, the
Company shall file an initial listing application with The NASDAQ
Stock Market with respect to the pending merger with Neonode,
unless the Company delays or decides not to go forward with the
merger. 3. On or before May 31, 2007, the Company must file a Form
8-K with pro forma financial information indicating that it plans
to report shareholders� equity of $2.5 million or greater as of
quarter end. 4. The Company shall immediately notify the Panel if
it enters into an agreement to sell, transfer or otherwise dispose
of its software business before it consummates a merger with
Neonode, and the Panel may revisit its exception. �We are pleased
that NASDAQ has granted our request for continued listing. We have
worked diligently to come into compliance and look forward to the
impending merger of SBE with Neonode,� said Greg Yamamoto,
President and Chief Executive Officer of SBE. On January 19, 2007,
the Company entered into a definitive merger agreement with Neonode
Inc., a Delaware corporation. Founded in 2001, Neonode is a Swedish
developer and pioneer of touchscreen mobile phones. Neonode�s
patented zForce� touchscreen technology and Neno� user interface
combine to maximize display area and provide a unique one-hand,
onscreen navigation experience. In February 2007, Neonode showcased
its new mobile phone, the N2, at the 3GSM World Congress in
Barcelona, Spain to critical acclaim. Neonode recently announced
its first purchase order for the N2 mobile phone from MyPhone in
Greece. It is anticipated that the Company will change its name to
�Neonode Inc.� upon consummation of the merger. This transaction
requires the approval of the SBE stockholders, and the Company is
in the process of preparing a proxy statement for such purpose.
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 consummation of the
proposed merger transaction. Such statements are only predictions
and the company's actual results may differ materially from those
anticipated in these forward-looking statements. Factors that may
cause such differences include, but are not limited to, the ability
of SBE and Neonode to comply with the closing conditions necessary
in order to consummate the transactions. 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 company's most recent Form 10-K and Form 10-Q.
SBE and the SBE logo are registered trademarks of SBE, Inc. All
other brand or product names are trademarks or registered
trademarks of their respective holders. Additional Information and
Where to Find It In connection with the proposed merger and
required stockholder approval, SBE intends to file with the
Securities and Exchange Commission, or SEC, a proxy statement on
Schedule 14A that will be mailed to the stockholders of SBE.
INVESTORS AND SECURITY HOLDERS OF SBE ARE URGED TO READ THE PROXY
STATEMENT AND ANY OTHER RELEVANT MATERIALS WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED MERGER. The definitive proxy statement will be mailed to
the stockholders as of a record date to be established for voting
on the proposed merger. Investors and security holders will be able
to obtain free copies of the proxy statement, as well as other
filed materials containing information about SBE, at www.sec.gov,
the SEC's website. Investors may also access the proxy statement
and the other materials at www.sbei.com, or obtain copies of such
material by request to SBE's Corporate Secretary at: SBE, Inc.,
4000 Executive Parkway, Suite 200, San Ramon, CA 94583. SBE and its
officers and directors may be deemed to have participated in the
solicitation of proxies from SBE's stockholders in favor of the
approval of the merger. Information concerning SBE's directors and
executive officers is set forth in the publicly-filed documents of
SBE. Stockholders may obtain more detailed information regarding
the direct and indirect interests of SBE and its directors and
executive officers in the merger by reading the preliminary and
definitive proxy statements regarding the merger, which will be
filed with the SEC.
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