MicroVision, the maker of the miniature PicoP laser projection device, said that it has received notice from the Nasdaq stock market that its stock has not closed above $1 for 30 consecutive trading days.
“In accordance with NASDAQ’s listing rules, the company has 180 calendar days, or until April 23, 2012, to regain compliance with this requirement,” according to a SEC filing. “This notification is simply a notice of deficiency, not of imminent delisting, and has no current effect on the listing or trading of MicroVision’s common stock on The Nasdaq Global Market at this time.”
MicroVision can regain compliance during the 180-day compliance period if the bid price closes at $1 or higher for a minimum of ten consecutive business days. If the company does not regain compliance, MicroVision could face delisting.
Shares of MicroVision, now trading at 82 cents, are down 56 percent on the year.
Previously on GeekWire: MicroVision to bring windshield display technology to mystery automaker