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TXCC > SEC Filings for TXCC > Form 8-K on 6-Dec-2012All Recent SEC Filings

Show all filings for TRANSWITCH CORP /DE

Form 8-K for TRANSWITCH CORP /DE


6-Dec-2012

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standar


Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On December 4, 2012, TranSwitch Corporation (the "Company") received a letter from the Nasdaq Stock Market indicating that for 30 consecutive business days the Company's common stock did not maintain a minimum closing bid price of $1.00 ("Minimum Bid Price Requirement") per share as required by Nasdaq Listing Rule 5550(a)(2).

The notification of noncompliance has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market. Under the Nasdaq Listing Rules, if during the 180 calendar days following the date of the notification, or prior to June 3, 2013, the closing bid price of the Company's stock is at or above $1.00 for a minimum of 10 consecutive business days, the Company will regain compliance with the Minimum Bid Price Requirement and the common stock will continue to be eligible for listing on the Nasdaq Capital Market.

In the event the Company does not regain compliance by June 3, 2013, the Company may be eligible for additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company's securities will be subject to delisting. The Company may, at that time, appeal the Nasdaq determination to a Nasdaq Hearing Panel. Such an appeal, if granted, would stay delisting until a Panel ruling.

The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Requirement under the Nasdaq Listing Rules.

On December 6, 2012, the Company issued a press release entitled "TranSwitch Corporation Receives Nasdaq Minimum Bid Price Non-Compliance Letter." A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.



Item 8.01 Other Events.

On December 5, 2012, the Company issued a press release announcing that it recently completed two licensing agreements with major network equipment OEMs for a combined amount of approximately $4 million. A copy of the press release is filed as Exhibit 99.2 to this Current Report and is incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release dated December 6, 2012, entitled "TranSwitch Corporation Receives Nasdaq Minimum Bid Price Non-Compliance Letter"

99.2 Press release dated December 5, 2012, entitled "TranSwitch Completes Licensing Agreements Totaling $4 Million"

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