This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Global-Tech Announces Receipt Of Notice Of Non-Compliance From The Nasdaq Global Market

Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) today announced that the Company received a letter dated September 12, 2011 from The Nasdaq Global Market stating that based upon its review of the Company’s market value of publicly held shares (MVPHS) for the last 30 consecutive business days, the Company’s common stock had not maintained a minimum market value of publicly held shares of $5 million as required for continued listing on The Nasdaq Global Market by Listing Rule 5450(b)(1)(C).

The notification letter has no effect at this time on the listing of the Company’s common stock on The Nasdaq Global Market. The Company’s common stock will continue to trade on The Nasdaq Global Market under the symbol “GAI.”

The notification letter states that the Company will be afforded 180 calendar days, or until March 12, 2012, to regain compliance with the MVPHS requirement. In order to regain compliance, the Company must maintain a MVPHS of at least $5 million for a minimum of ten consecutive business days.

In the event that the Company does not regain compliance by March 12, 2012, Nasdaq will provide written notification that the Company’s common stock is subject to delisting. At that time, the Company may appeal Nasdaq’s delisting determination to a Nasdaq Listing Qualifications Panel or, alternatively, apply for a transfer to The Nasdaq Capital Market, provided it satisfies the requirements for continued listing on that market. It is the Company’s belief that it currently meets the continued listing requirements of The Nasdaq Capital Market. As such, the Company would likely pursue the transfer of its securities to The Nasdaq Capital Market in the event that it fails to regain compliance for continued listing on The Nasdaq Global Market. To avail itself of this alternative, the Company would need to submit an application to transfer its securities prior to March 12, 2012. The Nasdaq Capital Market is a continuous trading market that operates in the same manner as The Nasdaq Global Market. In the event that the Company’s securities are transferred to The Nasdaq Capital Market, the Company will continue to be required to meet certain financial requirements and adhere to Nasdaq's corporate governance standards.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,062.25 +6.10 0.30%
NASDAQ 4,897.8230 +34.4610 0.71%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs