On May 3, 2016,InfoSonics Corporation (the Company) received a Nasdaq Staff Deficiency letter indicating that, for the last thirty consecutive business days, the bid price for the Companys common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule5550(a)(2). In accordance with Nasdaq Listing Rule5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until October 31, 2016, to regain compliance.The letter states that the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule5550(a)(2)if at any time before October 31, 2016, the bid price of the Companys common stock closes at $1.00 per share or more for a minimum of ten con secutive business days.
The Company intends to monitor the bid price of its common stock and consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with Nasdaqs minimum bid price ruleby October 31, 2016.
If the Company does not regain compliance with Rule5550(a)(2)by October 31, 2016, the Company may be eligible for an additional 180 calendar day compliance period.To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.However, if it appears to the Nasdaq Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq would notify the Company that its securities would be subject to delisting. In the event of such a notification, the Company may appeal the Staffs determination to delist its securities, but there can be no assurance the Staff would grant the Companys request for continued listing.
Except for the factual statements made herein, information contained in this report consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects or future events, as well as words such as believes, intends, expects, plans, and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example, there can be no assurance that the Company will meet the bid price requirement during any compliance period or otherwise in the future, otherwise meet Nasdaq compliance standards, or that Nasdaq will grant the Company any relief from delisting as necessary or whether the Company can agree to or ultimately meet applicable Nasdaq requirements for any such relief. Reference is also made to other factors detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our Form 10-K and any subsequent Form 10-Q. The forward-looking statements contained in this report speak only as of the date of this report and we undertake no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this report, unless required by law.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
/s/ Vernon A. LoForti
Vernon A. LoForti
Chief Financial Officer
Date: May6, 2016
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Other recent filings from the company include the following:
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