Nms Communications (NASDAQ:NMSS)
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NMS Communications Corporation (NASDAQ: NMSS), a leading provider of
communications technologies and solutions for converged and mobile
networks, announced that it received notice on August 20, 2008 from The
NASDAQ Stock Market LLC that the minimum bid price of its common stock
had fallen below $1.00 for 30 consecutive business days and that NMS
Communications was therefore not in compliance with NASDAQ Marketplace
Rule 4405 (a)(5). In accordance with the NASDAQ Marketplace Rules, NMS
Communications has until February 17, 2009 (180 calendar days from
August 20, 2008) to regain compliance.
NMS Communications can regain compliance with the minimum bid price rule
if the bid price of its common stock closes at $1.00 or higher for a
minimum of ten consecutive business days during the initial 180-day
period, although NASDAQ may, in its discretion, require NMS
Communications to maintain a bid price of at least $1.00 per share for a
period in excess of ten consecutive business days (but generally no more
than 20 consecutive business days) before determining that NMS
Communications has demonstrated the ability to maintain long-term
compliance. If compliance is not achieved by February 17, 2009, NASDAQ
will determine whether NMS Communications meets the NASDAQ Capital
Market initial listing criteria except for the bid price requirement. If
NMS Communications meets the initial listing criteria on such market,
NASDAQ staff will notify NMS Communications that it has been granted an
additional 180 calendar day compliance period. If NMS Communications is
not eligible for an additional compliance period, NASDAQ staff will
provide written notification that NMS Communications’s
securities will be delisted, which may be appealed at that time.
The NASDAQ Letter received on August 20, 2008, has no effect on the
listing of NMS Communications’s common stock
at this time, and it will continue to trade on the NASDAQ Global Market
under the symbol NMSS. NMS Communications will seek to regain compliance
within this cure period and is considering alternatives to address
compliance with the continued listing standards of The NASDAQ Stock
Market.
About NMS Communications
NMS Communications Corporation (NASDAQ:NMSS) is a leading provider of
applications, platforms and technologies that make possible the rapid
creation and deployment of a broad range of value-added services, from
voice mail to IVR to ringback and mobile TV. Visit www.nmss.com
for more information.
Statements in this document expressing the beliefs and expectations of
management regarding future performance are “forward-looking
statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including forward-looking
statements regarding possible delisting from, and the Company’s
efforts to seek to regain compliance with the continued listing
standards of, the NASDAQ Global Market. These statements are based on
management’s expectations as of the date of
this document and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from these
expectations due to risks and uncertainties including, but not limited
to, uncertainty in communications spending, the implementation of the
Company’s strategic repositioning and market
acceptance of the Company’s new solutions
strategy, quarterly fluctuations in financial results, the Company’s
ability to exploit fully the value of its technology and its strategic
partnerships and alliances, the availability of products from the Company’s
contract manufacturer and product component vendors and other risks.
These and other risks are detailed from time to time in the Company’s
filings with the Securities and Exchange Commission, including the
Company’s annual report on Form 10-K for the
year ended December 31, 2007. In addition, while management may elect to
update forward-looking statements at some point in the future,
management specifically disclaims any obligation to do so, even if its
estimates change. Any reference to our website in this press release is
not intended to incorporate the contents thereof into this press release
or any other public announcement.
NMS Communications is a trademark of NMS Communications Corporation. All
other product or corporate references may be trademarks or registered
trademarks of their respective companies.