IFON announced on December 19, 2013 that it received a letter from the Nasdaq Listing Qualifications Staff (the “Staff”) advising that the Staff had determined that:
- The Company had not regained compliance with the $1.00 per share minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) as of December 9, 2013
- Unless InfoSonics requested an appeal of this determination by December 26, 2013, trading of the Company’s common stock would be suspended from The Nasdaq Capital Market at the opening of business on December 30, 2013 and a Form 25-NSE would be filed with the Securities and Exchange Commission (the “SEC”) to remove the Company’s securities from listing and registration on The Nasdaq Stock Market (the “Delisting”).
InfoSonics intends to submit an oral hearing request on or before December 26, 2013 to the Nasdaq Hearings Panel (the “Panel”), which request will stay the Delisting and expects to present to the Panel a plan that includes a discussion of the reasons why InfoSonics believes it can regain compliance, as well as confirm to the Panel that IFON is prepared to effectuate a reverse stock split in order to regain compliance if necessary. The Panel will rule on whether to grant the Company relief from the Delisting (including setting forth the specific requirements of any such relief) or go forward with the Delisting, following the hearing.
On December 18th, 2013 InfoSonics announced that it had entered into a non-exclusive Distribution Agreement with Ingram Micro Mobility (formerly Brightpoint, Inc.), a wholly owned subsidiary of Ingram Micro Inc. (IM).