SMART Technologies Received a Notice of Delisting from NASDAQ But Will Appeal

SMART Technologies Inc. (NASDAQ:SMT) has received a notice of delisting from the Nasdaq Stock Market for failing to regain compliance with Nasdaq’s minimum bid price requirement of $1.00 per share.
According to the press release:

The Company intends to appeal this decision by requesting a hearing before a Nasdaq Listing Qualifications Panel to review Nasdaq’s decision to delist the Company. A hearing request by the Company automatically postpones the delisting of the Company’s securities pending issuance of the Panel’s decision. The Company expects to file its notice of appeal in the next 7 days, and to have a hearing scheduled before the Nasdaq Listing Qualification Panel within 45 days of the date on which the Company files its appeal.
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.
The notice of delisting does not impact the listing of the Company’s shares on the Toronto Stock Exchange, where the shares will continue to trade under the symbol “SMA.”

Click here to read the full press release.