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Hauppauge Digital Inc. Secures Continued NASDAQ Listing

Strategic Insights

— 1 min read

Hauppauge Digital Inc. has overcome a challenging period, securing its continued listing on The NASDAQ Stock Market after a NASDAQ Listing Qualifications Panel approved the company's request. The decision comes after Hauppauge Digital incurred a delisting notice in October 2009 due to a failure to timely hold its annual meeting. However, following a presentation to the panel on November 12, 2009, the company presented a plan to regain compliance. The company subsequently held its annual meeting on December 9, 2009, and the panel made its determination to continue the listing on December 10, 2009.

Key Takeaways:

  • Hauppauge Digital Inc. was subject to delisting from The NASDAQ Stock Market in October 2009 due to a failure to timely hold its annual meeting.
  • The company requested a hearing before the NASDAQ Listing Qualifications Panel and appeared before the panel on November 12, 2009.
  • Hauppauge Digital presented a plan to regain compliance, which involved holding its annual meeting on December 9, 2009.
  • The NASDAQ Listing Qualifications Panel granted the company's request for continued listing on December 10, 2009.
  • The decision is subject to review by the NASDAQ Listing and Review Council within 45 days.
  • Hauppauge Digital also received a letter from NASDAQ on November 18, 2009, stating that the company was not in compliance with the NASDAQ minimum bid rule.
  • The company has 180 days to regain compliance with the NASDAQ minimum bid price requirement, set to expire on May 17, 2010.
  • Hauppauge Digital intends to monitor the bid price for its common stock and consider available options to resolve the deficiency.

Statistics:

  • October 6, 2009: Hauppauge Digital Inc.'s delisting notice was issued by NASDAQ due to failure to hold its annual meeting.
  • November 12, 2009: Hauppauge Digital appeared before the NASDAQ Listing Qualifications Panel to present its plan to regain compliance.
  • December 9, 2009: Hauppauge Digital held its annual meeting.
  • December 10, 2009: The NASDAQ Listing Qualifications Panel rendered its determination to continue the company's listing.
  • 45 days: Timeframe for the NASDAQ Listing and Review Council to review the Panel's decision.
  • 180 days: Period within which Hauppauge Digital has to regain compliance with the NASDAQ minimum bid price requirement, set to expire on May 17, 2010.

Sources:

  • "Hauppauge Digital Inc. Receives Continued Listing on The NASDAQ Stock Market" (NASDAQ)
  • "Hauppauge Digital Inc. Receives Delisting Notice" (NASDAQ)
  • "Hauppauge Digital Inc. Announces Request for Continued Listing" (Hauppauge Digital Inc.)
  • "China Weekly News" (2009)

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