Qimonda intends to restore compliance with NYSE minimum share price standard
Nov 7, 2008 - Munich
Qimonda AG (NYSE: QI) today announced that on November 7, 2008 it was notified by the New York Stock Exchange ("NYSE") that it is not in compliance with one of the NYSE's continued listing standards. Qimonda is considered "below compliance" because the average closing price of its American Depositary Shares (“ADSs”) has fallen below $1.00 over a consecutive thirty trading day period. As of October 31, 2008, the 30 trading day average closing price of Qimonda’s ADSs was $0.90. The NYSE will include the indicator "BC" on its consolidated tape beginning on November 14, 2008, to indicate that Qimonda is below the NYSE's quantitative continued listing standards.
Under the applicable rules and regulations of the NYSE, Qimonda must inform the NYSE within ten days that it intends to cure the deficiency. In order to restore compliance, Qimonda’s ADSs must have an average thirty trading day closing price at or above $1.00 within six months from the date that Qimonda received formal written notice of non-compliance from the NYSE. Qimonda has informed the NYSE of its intention to return to compliance and will remain in communication with the NYSE throughout the process.
Under the NYSE rules, should Qimonda fail to meet these requirements at the expiration of the six month period on May 7, 2009, the NYSE will commence suspension and delisting procedures. During this period, Qimonda’s ADSs will continue to be listed on the NYSE, subject to ongoing reassessment. The NYSE notification will not affect the Company’s business operations, does not change its SEC reporting requirements and has no effect under any of the Qimonda’s credit agreements or the 6.75% Senior Unsecured Convertible Notes issued by Qimonda’s finance subsidiary. |
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