Pixelworks Inc.
09/13/2024 | Press release | Distributed by Public on 09/13/2024 14:09
Failure to Satisfy Listing Rule Form 8 K
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On September 11, 2024, Pixelworks, Inc. (the "Company") received a letter (the "Bid Price Deficiency Notice") from the listing qualifications department staff of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) (the "Bid Price Requirement") because the Company's common stock failed to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of 10 consecutive business days at any time prior to March 10, 2025. In the event that the Company does not regain compliance by March 10, 2025, the Company may be eligible for additional time to reach compliance with the Bid Price Requirement.
The Bid Price Deficiency Notice has no immediate effect on the listing or trading of the Company's common stock on Nasdaq, and the Company's common stock continues to trade on the Nasdaq Global Market under the symbol "PXLW." The Company intends to actively monitor the bid price for its common stock between now and March 10, 2025 (or any extension thereof), and may, if appropriate, consider available options to resolve the deficiency and regain compliance with the Bid Price Requirement.