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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Socket Mobile, Inc.    SCKT

SOCKET MOBILE, INC.

(SCKT)
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SOCKET MOBILE, INC. : Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing (form 8-K)

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09/12/2019 | 02:08pm EDT

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

As previously disclosed in the Current Report on Form 8-K filed by Socket Mobile, Inc. (the "Company") on July 25, 2019 (the "Previous 8-K"), Nelson C. Chan resigned from the Company's board of directors (the "Board") on July 24, 2019, which left the Company with an equal number of independent and non-independent directors. As disclosed in the Previous 8-K and in accordance with Nasdaq Listing Rules, the Company notified The Nasdaq Stock Market, Inc. of Mr. Chan's resignation and the Company's non-compliance with Nasdaq Listing Rule 5605(b)(1), which requires the Company's Board to consist of a majority of independent directors.

As expected, Nasdaq responded on September 10, 2019 with a notification letter confirming the Company's non-compliance with Nasdaq Listing Rule 5605(b)(1). The Nasdaq notification has no immediate effect on the listing of the Company's common stock. Consistent with Nasdaq Listing Rule 5605(b)(1)(A), Nasdaq has provided the Company a cure period in order to regain compliance as follows:

     ·     until the earlier of the Company's next annual shareholders' meeting
     or July 25, 2020; or
     ·     if the next annual shareholders' meeting is held before January 21,
     2020, then the Company must evidence compliance no later than January 21,
     2020.



The Company intends to cure the non-compliance within the cure period set forth above.

© Edgar Online, source Glimpses

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Financials (USD)
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Capitalization 14,0 M
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NameTitle
Kevin J. Mills President, Chief Executive Officer & Director
Charlie Bass Chairman
Lee A. Baillif Vice President-Operations
David W. Dunlap CFO, Secretary, Director & VP-Administration
Leonard L. Ott Chief Technology Officer & VP-Engineering
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