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SCOTTSDALE, Ariz., Aug. 23, 2012 (GLOBE NEWSWIRE) -- iGo, Inc. (Nasdaq:IGOI) announced today that on August 22, 2012, the Company received a letter from Nasdaq granting an additional 180 calendar day period to regain compliance with Nasdaq's minimum $1.00 bid price per share requirement.
As previously reported, on February 23, 2012, Nasdaq notified the Company that its listed security no longer met the minimum $1.00 bid price per share requirement. The letter stated that the Company had been provided a period of 180 calendar days, or until August 21, 2012, to regain compliance. The letter also stated that, in the event the Company did not regain compliance within the 180 day period, the Company would be eligible for an additional 180 day period if the Company met the continued listing requirement for the market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the bid price requirement. In its letter dated August 22, 2012, Nasdaq informed the Company that it has been granted an additional 180 calendar days, or until February 19, 2013, to regain compliance with the minimum bid price requirement.
If, at any time during this additional time period, the closing bid price of iGo, Inc.'s common stock is at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and the matter will be closed. If compliance is not regained, the Company's common stock may be delisted, subject to the Company's right to appeal the delisting determination at that time.
The minimum bid price deficiency has no effect on the listing of the Company's common stock at this time and its common stock will continue to trade on the Nasdaq Capital Market under the symbol "IGOI."