Sbe (NASDAQ:SBEI)
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SBE, Inc. (Nasdaq: SBEI), today announced that it received a staff
determination letter from The Nasdaq Stock Market Inc. (Nasdaq) on March
20, 2007 stating that the Company's common stock is subject to delisting
from The Nasdaq Capital Market for failure to comply with Marketplace
Rule 4310(c)(2)(B), which requires the company to maintain minimum
stockholders’ equity of $2.5 million, or $35.0
million market value of listed securities, or $500,000 of net income
from continuing operations for the most recently completed fiscal year
or two of the three most recently completed fiscal years.
As previously reported, on January 11, 2007, the company received a
staff determination letter from Nasdaq stating that its common stock is
subject to delisting from The Nasdaq Capital Market for failure to
comply with Marketplace Rule 4310(c)(4) which requires the Company to
maintain a minimum bid price of $1.00. The company filed an appeal of
the staff’s determination of January 11, 2007
to the Nasdaq Listings Qualifications Panel (the Panel). Delisting of
the company’s common stock from NASDAQ is
stayed pending the determination of the Panel. The appeals hearing was
held on February 22, 2007 and the company is awaiting the Panel’s
determination. NASDAQ has indicated that the Panel will also consider
the Company’s failure to maintain a minimum
stockholders’ equity of $2.5 million in
rendering a determination regarding the Company’s
continued listing on The NASDAQ Capital Market. Pursuant to Marketplace
Rule 4804(c), the company has until March 27, 2007 to present its plan
of corrective action to the Panel.
A special meeting of the SBE stockholders has been scheduled for March
29, 2007 to approve the sale of the company’s
embedded hardware business to One Stop Systems and to approve a 1 for 5
reverse stock split. A proxy statement detailing the sale transaction
and reverse stock split has been mailed to all SBE shareholders of
record as of March 6, 2007. The reverse stock split will be sufficient
to increase the bid price on the company’s
common stock to $1.00 or more and the company will record a gain on the
sale of its embedded hardware business that will be sufficient to
correct the deficit in stockholders’ equity,
correcting both the bid price and shareholder equity deficiencies.
About SBE
SBE designs and provides IP-based storage networking solutions for an
extensive range of business critical applications, including back-up and
disaster recovery. SBE delivers a portfolio of scalable, standards-based
hardware and software products designed to enable optimal performance
and rapid deployment across a wide range of next-generation storage
systems. Based in San Ramon, California, SBE is a publicly traded
company (NASDAQ: SBEI) with products sold worldwide through direct
sales, OEMs and system integration partners. More information is
available at www.sbei.com.
Forward-Looking Statements
This news release contains certain forward-looking statements that
involve risks and uncertainties, including statements about a hearing
before the Nasdaq Listing Qualifications Panel. Such statements are only
predictions and the company’s actual results
may differ materially from those anticipated in these forward-looking
statements. These factors and others are more fully discussed in the
documents the company files from time to time with the Securities and
Exchange Commission, particularly, the Form 8-K filed with the
Securities and Exchange Commission on the date hereof and the company's
most recent Form 10-K and Form 10-Q.
SBE and the SBE logo are registered trademarks of SBE, Inc.