Friday, NeoMagic Corp. (NMGC), a designer and marketer of semiconductor solutions, said its stock would be delisted from The Nasdaq Capital Market and that the trading of its common stock would be suspended at the opening of business on October 15.
The company said that it received The Nasdaq Staff Determination letter as on October 6, which stated that the company had not complied with the minimum shareholders' equity, market value of listed securities or net income requirements for continued listing set forth in Marketplace Rule 4310(c)(3).
As per the determination letter, the Staff would file with Securities and Exchange Commission to remove the company's common stock from listing and registration on the Nasdaq Stock Market.
The company said it would not challenge the Staff determination and delisting, as it might not be able to comply with the requirements in the near term.
Presently, NeoMagic is working to wind-down its operations and realize the value of its remaining assets for its creditors. In spite of the development, the company said it is taking actions to maintain the continuity of supply of its products to its customers.
The company does not anticipate any proceeds for distributions to its shareholders, following the payment of its liabilities.
The company expects to be eligible for quotation on the OTC Bulletin Board, however, has not guaranteed the eligibility for quotation in OTC board or its market makers continuing investment.
Thursday, the stock closed at $0.02 on the Nasdaq.
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