RMG Networks Now Trading On NASDAQ Capital Market
Gail Chiasson, North American Editor
RMG Networks Holding Corporation (NASDAQ: RMGN), or RMG Networks, Dallas-based provider of technology-driven visual communications solutions, announced today (Feb.25/16) that it received a positive determination from the Nasdaq Stock Market granting approval of the Company’s request to transfer its common stock listing to the Nasdaq Capital Market from the Nasdaq Global Market.
The Company’s shares will continue to trade under the symbol ‘RMGN’.
The Company also announced that it has been granted an additional extension through August 22, 2016, to regain compliance with Nasdaq’s minimum bid price requirement.
The Company’s common stock will begin trading on the Nasdaq Capital Market effective at the start of trading today. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market, and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements.
RMG had previously been notified by Nasdaq on August 25, 2015, that it no longer satisfied the minimum bid price requirement for continued listing of $1.00 per share, as set forth in Nasdaq Listing Rules. In anticipation of not meeting the minimum bid price requirement by February 22, 2016, the end of its initial 180-day grace period, the Company applied to transfer the listing of its common stock to the Nasdaq Capital Market. As a result of the transfer to the Capital Market, the Company is being afforded an additional 180-day grace period to regain compliance with the Nasdaq’s minimum bid price requirement. In order to regain compliance, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period, which will end on August 22, 2016.
RMG has provided written notice of its intention to cure the minimum bid price deficiency during the second grace period by effecting a reverse stock split, if necessary.
RMG Networks offers intelligent visual communications that help businesses increase productivity, efficiency and engagement through digital messaging. By combining best-in-class software, hardware, business applications and services, RMG Networks offers a single point of accountability for integrated data visualization and real-time performance management. In addition to its headquarters in Dallas, it has other offices in the United States, United Kingdom and the United Arab Emirates.
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