SANTA CLARA, Calif., Sept. 08, 2016 (GLOBE NEWSWIRE) -- MoSys, Inc. (NASDAQ:MOSY), a leader in semiconductor solutions that enable fast, intelligent data access for network and communications systems, today announced that it received a determination letter from The NASDAQ Stock Market (Nasdaq) granting approval of the Company's request to transfer its listing to the Nasdaq Capital Market from the Nasdaq Global Select Market. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Select Market and requires listed companies to meet certain financial and corporate governance requirements to qualify for listing. The Company expects its stock to begin trading on the Nasdaq Capital Market effective at the start of trading on September 9, 2016. The Company's stock will continue to trade on Nasdaq under the symbol "MOSY."
Upon transfer to the Nasdaq Capital Market, the Company is being afforded an additional 180-day grace period to regain compliance with Nasdaq’s minimum bid price requirement. As previously disclosed, the Company was notified by Nasdaq on March 7, 2016, that its common stock no longer satisfied the minimum bid price of $1.00 per share required for continued listing. In anticipation of not meeting the minimum bid price requirement by September 6, 2016, the end of the initial 180-day grace period, the Company applied to transfer the listing of its common stock to the Nasdaq Capital Market. In order to regain compliance, the minimum bid price per share of the Company's common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period, which will end on March 6, 2017. If the Company fails to regain compliance during this grace period, the Company's common stock will be subject to delisting by Nasdaq. The Company has provided Nasdaq with written assurance that it will implement a reverse stock split if the closing bid price of its common stock is not at least $1.00 for a minimum of 10 consecutive business days before March 6, 2017.
About MoSys, Inc.
MoSys, Inc. (NASDAQ:MOSY) is a fabless semiconductor company enabling leading equipment manufacturers in the networking and communications systems markets to address the continual increase in Internet users, data and services. The Company’s solutions deliver data path connectivity, speed and intelligence while eliminating data access bottlenecks on line cards and systems scaling from 100G to multi-terabits per second. Engineered and built for high-reliability carrier and enterprise applications, MoSys' Bandwidth Engine® and LineSpeed™ IC product families are based on the Company's patented high-performance, high-density intelligent access and high-speed serial interface technology, and utilize the Company's highly efficient GigaChip® Interface. MoSys is headquartered in Santa Clara, California. More information is available at www.mosys.com.
Bandwidth Engine, GigaChip, and MoSys are registered trademarks of MoSys, Inc. in the US and/or other countries. LineSpeed and the MoSys logo are trademarks of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.