Integra Bank (IBNK)
Company Profile: Integra Bank provides a range of financial services to the communities it serves in Indiana, Kentucky, Illinois and Ohio.Current Share Price: 26 cents (March 29) Listing Violation: Market value/equity/net income. The Nasdaq Capital Market requires a minimum stockholders' equity of $10 million for continued listing. Received Nasdaq Notice: March 21 Management's Expected Action: Integra Bank has until May 5 to submit a compliance plan to the Nasdaq. If the plan is accepted, the Nasdaq will give the company an extension until Sept. 17 to regain compliance with the exchange's listing requirements. Integra Bank said it's currently in the process of evaluating the content of its compliance plan.
OmniVision Technologies (OVTI) Company Profile: OmniVision Technologies designs, develops and markets semiconductor image-sensor devices. Its main product is image-sensing devices CameraChip. Current Share Price: $33.35 (March 29) Listing Violation: Board independence and audit committee composition. The board of directors must comprise a majority of independent directors and that the audit committee must consist of at least three members, each of whom must be independent. Received Nasdaq Notice: March 21 Management's Expected Action: Andrew Wang, one of OmniVision's independent directors, retired and resigned effective as of Feb. 24. OmniVision said it is currently conducting a search for a qualified candidate to fill the vacancy left on its board and expects that it will regain compliance with Nasdaq listing requirements within the cure period provided.