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NLST > SEC Filings for NLST > Form 8-K on 16-Sep-2013All Recent SEC Filings

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Form 8-K for NETLIST INC


16-Sep-2013

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Trans


ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING

On September 10, 2013, Netlist, Inc. (the "Company") received a notification letter from The NASDAQ Stock Market ("NASDAQ"), notifying the Company that for the last 30 consecutive business days, the bid price of the Company's common stock had closed below the minimum $1.00 per share. As a result, the Company no longer meets NASDAQ's requirements for continued inclusion on The Nasdaq Global Market under Listing Rule 5450(a)(1). The notification letter does not impact the Company's listing on the NASDAQ Global Market at this time and the Company's common stock remains listed on the Nasdaq Global Market under the symbol NLST.
In accordance with Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until March 10, 2014, to regain compliance with Listing Rule 5450(a)(1). To regain compliance, the Company's common stock must have a closing bid price of $1.00 or more for a minimum of 10 consecutive business days.

If the Company has not met the requirements of Rule 5450(a)(1) by March 10, 2014, but meets the continued listing requirement for market value of publicly held shares and all other applicable standards for initial listing on The Nasdaq Capital Market (other than the minimum bid price requirement), then the Company may be eligible for an additional 180 day compliance period by submitting an application to transfer its securities to The Nasdaq Capital Market. In order to qualify, the Company will need to provide written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split if necessary. If it appears to NASDAQ staff that the Company will not be able to cure the deficiency during this second compliance period, or if the Company is otherwise not eligible, the staff will provide notice that the Company's securities will be subject to delisting. The Company may also appeal NASDAQ's delisting determination to a NASDAQ Hearings Panel.


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