MicroVision announced today that we received a notice on December 17, 2013 from The Nasdaq Stock Market advising the company that for 30 consecutive business days preceding the date of the notice the company was not in compliance with the $50,000,000 minimum market value of listed securities required for continued listing on The Nasdaq Global Market pursuant to Nasdaq’s listing requirements. In accordance with Nasdaq’s listing rules, the company has 180 calendar days, or until June 16, 2014, to regain compliance with this requirement. This notification is simply a notice of deficiency, not of imminent delisting, and has no current effect on the listing or trading of MicroVision’s common stock on The Nasdaq Global Market.
During the 180 day compliance period, MicroVision can regain compliance if the market value of its listed securities closes at $50,000,000 or more for a minimum of 10 consecutive business days. The company could also regain compliance with Nasdaq’s continued listing requirements by reporting stockholders’ equity of $10 million or more.
We plan to continue focusing on executing our business plan of securing design wins and entering into licensing agreements with OEMs. We believe that by executing the fundamentals of our plans, we can regain compliance within the 180 day period as we have done in the past.
We believe MicroVision is positioned for growth because of several key factors:
- -Transition to a business model that is structured to license technology, receive royalties, and sell key components.
- -Maturation of direct green laser technology that offers cost, performance, and size conducive to most markets.
- -Availability of PicoP® Gen 2 technology that highlights performance, size and cost advantages of patented PicoP® display technology.
- -Strong intellectual property portfolio.
- -Mobile ecosystem maturation and global interest in the pico projection markets.
- -Consistent performance since our business model transition and restructuring in 2012 including aggressive management of costs and cash used in operations in line with our goals.