CALGARY, Jan. 20, 2016 /CNW/ - SMART Technologies Inc. (NASDAQ: SMT) (TSX: SMA) ("SMART" or the "Company"), a leading provider of education and business collaboration solutions, has filed a notice of appeal with respect to the decision by Nasdaq Stock Market LLC ("Nasdaq") to delist the Company's shares from the Nasdaq Capital Market. Nasdaq's decision to delist the Company's shares came after SMART had failed to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share for continued listing of the Company's stock on the Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5450(a)(1). The Company has requested a hearing before a Nasdaq Listing Qualifications Panel to review Nasdaq's decision to delist the Company; this request automatically postpones the delisting of the Company's securities pending issuance of the Panel's decision. The Company expects to have a hearing scheduled before the Nasdaq Listing Qualifications Panel within 45 days.
On July 21, 2015, the Company announced that it was advised by Nasdaq that it was not in compliance with the minimum bid price requirement set forth in the Nasdaq rules for continued listing on The Nasdaq Global Select Market. The Company's shares were transferred from the Nasdaq Global Select Market to the Nasdaq Capital Market effective December 31, 2015. Although the Nasdaq Capital Market has less stringent continued listing requirements than the Nasdaq Global Select Market, the Company's transfer to the Nasdaq Capital Market did not relieve the Company of its obligations to regain compliance by January 12, 2016 with the minimum bid price requirements pursuant to Nasdaq Listing Rule 5450(a)(1).
The customary means for a company to regain compliance with the minimum bid price requirements is a reverse stock split, or share consolidation, an approach the Company is considering, although no decision in that regard has yet been made.
SMART Technologies Inc. (NASDAQ: SMT, TSX: SMA) is a world leader in simple and intuitive solutions that enable more natural collaboration. 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.
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Certain information contained in this press release may constitute forward-looking information. 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.
©2016 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.
Please note that SMART is written in all capital letters.
SOURCE SMART Technologies Inc.
For further information: Investor contact: Jody Kehler, Investor Relations Manager, SMART Technologies Inc., + 1.403.407.5486, JodyKehler@smarttech.com; Media contact: Robin Raulf-Sager, Director, Corporation Communications, SMART Technologies Inc., + 1.403.407.4225, RobinRaulf-Sager@smarttech.com