Transfer of Listing.
On June 6, 2017, InfoSonics Corporation (the "Company") received a letter from the Nasdaq Office of General Counsel advising the Company of the decision of the Nasdaq Hearings Panel (the Panel) after the Companys oral presentation to the Panel at a hearing held on June 1, 2017.On May 2, 2017, the Company had been notified of its failure to regain compliance with the $1.00 per share minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) following the expiration of two 180-day periods in which to regain compliance previously provided by Nasdaq.The Company presented a plan to the Panel to regain compliance with the minimum bid price requirement and requested a further extension of time to execute the plan, which includes a reverse stock split.The Panel granted the Companys extension of time until October 30, 2017.
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 Panel will grant the Company any relief from the Delisting or that the Company can agree to or ultimately meet the specific requirements of any such relief, or remain listed on Nasdaq or otherwise be publicly traded.Reference is also made to other factors detailed from time to time in our periodic reports filed with the Securities and Exchange Commission.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 new 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
June 7, 2017
Chief Financial Officer
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