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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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