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Press Release Source: SpatiaLight, Inc.
SpatiaLight, Inc. Acknowledges Receipt of NASDAQ Delisting Notifications
Monday April 30, 5:00 am ET
NOVATO, Calif., April 30 /PRNewswire-FirstCall/ -- SpatiaLight, Inc. (Nasdaq: HDTV - News), a leading developer and manufacturer of ultra high-resolution Liquid Crystal on Silicon (LCoS) microdisplays for the high definition television, near-to-eye, head mounted display and micro-projector markets, confirmed that on April 20, 2007 it received a notice from the NASDAQ Stock Market that it does not meet the requirements for continued listing under Marketplace Rule 4310(c)(4) because the Company's Common Stock has closed below the minimum $1.00 per share for 30 consecutive trading days. Unless the closing bid price for shares of the Company's Common Stock exceeds $1.00 per share for 10 consecutive trading days prior to October 17, 2007, the staff of the NASDAQ may notify the Company that the Common Stock will be delisted from the NASDAQ Capital Market.
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SpatiaLight also indicated that it received on April 27, 2007 a NASDAQ Staff Determination letter that the Company has failed to meet the NASDAQ Marketplace Rule 4310(c)(8)© requirements for the market value of publicly held shares and would be delisted from the NASDAQ Capital Market unless a request for an appeal hearing is made by May 4, 2007.
The Company will request such an appeal hearing and present its case by disclosing to the hearing board confidential information for bringing the Company into compliance and plans to maintain future compliance. The anticipated hearing date will be no earlier than June, 2007. Until a determination is made on the appeal, the Company's Common Stock is expected to be traded on the NASDAQ Capital Market under the HDTV symbol.
About SpatiaLight
SpatiaLight, Inc., founded in 1989 in Novato, Calif., manufactures high-resolution LCoS microdisplays for use in a variety of display applications, including high definition television, near to eye head mounted displays and micro-projector products. The company manufactures its products at its production facility in South Korea. The company is committed to developing microdisplay technologies that will be the standard for the next generation of these products and to providing OEMs with the most cost effective, high-resolution microdisplays in the industry.
For more information about SpatiaLight, please visit the company's website at: www.spatialight.com .
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