REDMOND, Wash.--(BUSINESS WIRE)--Dec. 20, 2013--
Inc. (NASDAQ:MVIS) announced today that it received a notice on December
17, 2013 from The Nasdaq Stock Market advising the company that for 30
consecutive business days preceding the date of the notice the company
was not in compliance with the $50,000,000 minimum market value of
listed securities required for continued listing on The Nasdaq Global
Market pursuant to Nasdaq’s listing requirements. In accordance with
Nasdaq’s listing rules, the company has 180 calendar days, or until June
16, 2014, to regain compliance with this requirement. This notification
is simply a notice of deficiency, not of imminent delisting, and has no
current effect on the listing or trading of MicroVision’s common stock
on The Nasdaq Global Market.
During the 180-day compliance period, MicroVision can regain compliance
if the market value of its listed securities closes at $50,000,000 or
more for a minimum of 10 consecutive business days. The company could
also regain compliance with Nasdaq’s continued listing requirements by
reporting stockholders’ equity of $10 million or more. If the company
does not regain compliance by June 16, 2014, Nasdaq will notify the
company that its securities are subject to delisting.
The company’s key objectives are to secure customer commitments under
the company’s Image by PicoP® licensing business model, to strengthen
its supply chain to enable customers to bring products to market and to
aggressively manage cash used in operations. The company believes the
best way to regain compliance is to successfully execute on its strategy.
MicroVision is the creator of PicoP® display technology, an
ultra-miniature laser projection solution for mobile consumer
electronics, automotive head-up displays and other applications.
MicroVision’s patented display technology helps OEMs break down display
boundaries and offer enhanced visibility to mobile experiences. Nearly
two decades of research has led MicroVision to become an independently
recognized leader in the development of intellectual property.
MicroVision’s IP portfolio has been recognized by the Patent Board as a
top 50 IP portfolio among global industrial companies and is also
included in the Ocean Tomo 300 Patent Index. The company is based in
For more information, visit the company’s website at www.microvision.com,
on Facebook at www.facebook.com/MicroVisionInc
or follow MicroVision on Twitter at @MicroVision.
MicroVision and PicoP are trademarks of MicroVision Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.
Certain statements contained in this release, including those relating
to MicroVision’s expectations, intentions or strategies, and those
containing words such as “objectives” and “believes” are forward-looking
statements that involve a number of risks and uncertainties that could
cause actual results to differ materially from those in the
forward-looking statements. Factors that could cause actual results to
differ materially from those projected in the company’s forward-looking
statements include, but are not limited to, the risk that MicroVision
may not regain compliance with the continued listing standards of the
Nasdaq Stock Market; capital market risks; our ability to raise
additional capital when needed; our, or our customers’, failure to
perform under open purchase orders; products incorporating our PicoP
display engine may not achieve market acceptance, commercial partners or
we may not perform under agreements as anticipated, our financial and
technical resources relative to those of our competitors; our ability to
keep up with rapid technological change; government regulation of our
technologies; our ability to enforce our intellectual property rights
and protect our proprietary technologies; the ability to obtain
additional contract awards; the timing of commercial product launches
and delays in product development; the ability to achieve key technical
milestones in key products; dependence on third parties to develop,
manufacture, sell and market our products; potential product liability
claims; and other risk factors identified from time to time in the
company’s SEC reports, including our Annual Report on Form 10-K and
Quarterly Report on Form 10-Q filed with the SEC. Except as expressly
required by federal securities laws, we undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, changes in circumstances or
any other reason.
Source: MicroVision, Inc.
Dawn Goetter, 425-882-6629 (investors)
Jones, 503-471-6863 (media/PR)