CALGARY, July 21, 2015 /CNW/ - SMART Technologies Inc. (NASDAQ: SMT, TSX: SMA), (the "Company") announced today that it has
received written notification (the "Notification Letter") from The
NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with the minimum
bid price requirement set forth in Nasdaq Rules for continued listing
on The Nasdaq Global Select Market. Nasdaq Listing Rule 5550(a)(2)
requires listed securities to maintain a minimum bid price of $1.00 per
share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet
the minimum bid price requirement exists if the deficiency continues
for a period of 30 consecutive business days. Based on the closing bid
price of the Company's common stock for the 30 consecutive business
days from June 3, 2015 to July 15, 2015, the Company no longer meets
the minimum bid price requirement.
The Notification Letter does not impact the Company's listing on The
Nasdaq Global Select Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar
days, or until January 12, 2016, to regain compliance with Nasdaq
Listing Rule 5550(a)(2). To regain compliance, the Company's common
stock must have a closing bid price of at least $1.00 for a minimum of
10 consecutive business days. In the event the Company does not regain
compliance by January 12, 2016, the Company may be eligible for
additional time to regain compliance.
The Company intends to monitor the closing bid price of its common stock
between now and January 12, 2016 and intends to cure the deficiency
within the prescribed grace period. During this time, the Company's
common stock will continue to be listed and trade on the Nasdaq Global
The Company's business operations are not affected by the receipt of the
The Company is also listed on the TSX and the Notification Letter does
not affect the Company's compliance status with such listing.
SMART Technologies Inc. (NASDAQ: SMT, TSX: SMA) is a world leader in collaboration solutions
that are redefining the way the world works and learns. We are an
innovator in interactive touch technologies and software that inspire
collaboration in both education and businesses around the globe. To
learn more, visit smarttech.com.
Certain statements made in this press release are forward-looking
statements within the meaning of the U.S. federal and applicable
Canadian securities laws. By their very nature, forward-looking
information and statements involve inherent risks and uncertainties,
both general and specific, and risks that predictions, forecasts,
projections and other forward-looking information and statements will
not be achieved. We caution readers not to place undue reliance on
these statements as a number of important factors could cause the
actual results to vary materially from the forward-looking information
or statements. We do not assume responsibility for the accuracy and
completeness of the forward-looking information or statements. Any
forward-looking information and statements contained in this press
release are expressly qualified by this cautionary statement.
SMT - F
©2015 SMART Technologies. All third-party product and company names are
for identification purposes only and may be trademarks of their
respective owners. To view a list of SMART trademarks please visit our Trademarks and Guidelines page.
SOURCE SMART Technologies Inc.
For further information:
Investor Relations Manager
SMART Technologies Inc.
Director, Corporate Communications
SMART Technologies Inc.