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| RSOL > SEC Filings for RSOL > Form 8-K on 4-Dec-2012 | All Recent SEC Filings |
4-Dec-2012
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Stan
On November 30, 2012, Real Goods Solar, Inc. (the "Company") received a letter from The NASDAQ Stock Market ("NASDAQ") notifying the Company that it is no longer in compliance with NASDAQ Listing Rule 5450(b)(1)(C) because the market value of the Company's publicly held shares has fallen below the $5.0 million minimum requirement for continued listing on the NASDAQ Global Market for a period of at least 30 consecutive business days. NASDAQ calculates publicly held shares by subtracting from the total shares outstanding any shares held directly or indirectly by officers, directors or any person who beneficially owns more than 10% of the total shares outstanding.
The NASDAQ letter does not result in the immediate delisting of the Company's Class A common stock from the NASDAQ Global Market. In accordance with NASDAQ Listing Rule 5810(c)(3)(D), the Company has 180 calendar days, until May 29, 2013, to regain compliance with NASDAQ Listing Rule 5450(b)(1)(C). Compliance can be achieved by meeting the $5.0 million minimum requirement for market value of publicly held shares for a minimum of 10 consecutive business days during the 180-day compliance period. If compliance with NASDAQ Listing Rule 5450(b)(1)(C) cannot be demonstrated by May 29, 2013, NASDAQ will notify the Company that its Class A common stock is subject to delisting. In the event that the Company receives a notice of delisting, NASDAQ rules permit the Company to appeal the delisting determination to a NASDAQ Hearings Panel.
The Company may also apply to transfer the listing of its Class A common stock to The NASDAQ Capital Market (which has a lower minimum requirement for market value of publicly held shares for continued listing) if it satisfies certain listing criteria for The NASDAQ Capital Market (except for the bid price requirement of The NASDAQ Capital Market).
The Company is currently considering available options to resolve the deficiency and regain compliance with the NASDAQ minimum requirement for market value of publicly held shares.
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