Concurrent receives NASDAQ deficiency notice
On Friday, Concurrent Computer Corp. said it had received a notification letter from the NASDAQ Stock Market on Dec. 26 stating that the bid price of Concurrent’s publicly held shares had closed below the $1 per share minimum that is required to be included on the NASDAQ Global Market.
In accordance with NASDAQ rules, Concurrent has 180 calendar days, or until June 23, to regain compliance with the minimum bid price rule. At any time prior to that date, if the bid price of Concurrent’s publicly held shares closes at $1 or more for 10 consecutive business days, Concurrent will regain compliance.
If compliance cannot be demonstrated by June 23, NASDAQ will provide written notification that Concurrent’s securities will be delisted, but the company will be permitted to appeal NASDAQ’s determination to a Listing Qualifications Panel or apply to transfer its securities to the NASDAQ Capital Market.
“I want to reassure our shareholders, employees and customers that this notice from NASDAQ is strictly due to the stock price and we expect to avoid delisting,” said Concurrent President and CEO Gary Trimm. “In the past three quarters, we have generated cash from operations and produced a solid balance sheet, ending our first fiscal quarter with over $26 million in cash.
“In the same period, we improved margins to 53 percent and continued our cost reduction efforts. We settled two legal matters favorably and announced key wins in both our real-time business and our video-on-demand business. We believe our MediaHawk 4500 system restored our place as a technology leader in VOD with key ‘Start Over’ deployments at Bright House Networks and Time Warner Cable and a major new market win with Cox in Arizona.”