LANTRONIX INC - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Lantronix, Inc. on March 25, 2009. The report addresses a regulatory event concerning the company's listing status on the Nasdaq Stock Market.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on compliance with Nasdaq listing rules regarding minimum bid price.
Material Changes and Events
- Nasdaq Suspension Extension: On March 24, 2009, the company received notification that Nasdaq extended the suspension period for enforcement of the minimum $1.00 closing bid price rule by three months.
- New Compliance Deadline: The company now has until September 26, 2009, to regain compliance, extending the previous deadline of June 26, 2009.
- Compliance Criteria: To regain compliance, the common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days before the new deadline.
Outlook, Risks, and Contingencies
Delisting Risk: If the company fails to regain compliance by September 26, 2009, Nasdaq will notify the company that its securities will be delisted.
Appeal Process: In the event of a delisting determination, the company retains the right to appeal to a Listing Qualifications Panel.
Current Status: Nasdaq will not take action to delist the security during the suspension period, which remains in effect until July 20, 2009.
Key Facts for Investor Verification
- Verify the current closing bid price of Lantronix common stock to assess proximity to the $1.00 threshold.
- Monitor the stock's performance over the next 10 consecutive business days to determine if compliance can be achieved.
- Confirm the final compliance deadline of September 26, 2009.
- Review subsequent filings for any updates on the appeal process or further extensions.