CALGARY, Jan. 20, 2016 /PRNewswire/ - SMART Technologies
Inc. (NASDAQ: SMT) (TSX: SMA) ("SMART" or the "Company"), a leading
provider of education and business collaboration solutions, has
filed a notice of appeal with respect to the decision by Nasdaq
Stock Market LLC ("Nasdaq") to delist the Company's shares from the
Nasdaq Capital Market. Nasdaq's decision to delist the
Company's shares came after SMART had failed to regain compliance
with Nasdaq's minimum bid price requirement of $1.00 per share for continued listing of the
Company's stock on the Nasdaq Capital Market as set forth in Nasdaq
Listing Rule 5450(a)(1). The Company has requested a hearing
before a Nasdaq Listing Qualifications Panel to review Nasdaq's
decision to delist the Company; this request automatically
postpones the delisting of the Company's securities pending
issuance of the Panel's decision. The Company expects to have
a hearing scheduled before the Nasdaq Listing Qualifications Panel
within 45 days.
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.
About SMART
SMART Technologies Inc. (NASDAQ: SMT, TSX:
SMA) is a world leader in simple and intuitive solutions that
enable more natural collaboration. We are an innovator in
interactive touch technologies and software that inspire
collaboration in both education and businesses around the globe. To
learn more, visit smarttech.com.
SMT – M
Reader's advisory
Certain information contained in
this press release may constitute forward-looking information. By
their very nature, forward-looking information and statements
involve inherent risks and uncertainties, both general and
specific, and risks that predictions, forecasts, projections and
other forward-looking information and statements will not be
achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual
results to vary materially from the forward-looking information or
statements. We do not assume responsibility for the accuracy and
completeness of the forward-looking information or statements. Any
forward-looking information and statements contained in this press
release are expressly qualified by this cautionary
statement.
©2016 SMART Technologies. All third-party product and
company names are for identification purposes only and may be
trademarks of their respective owners. To view a list of SMART
trademarks please visit our Trademarks and Guidelines
page.
Please note that SMART is written in all capital
letters.
SOURCE SMART Technologies Inc.