Qimonda AG (NYSE:QI) today announced that on December 5, 2008 it was
notified by the New York Stock Exchange ("NYSE") that it is not in
compliance with another of the NYSE's continued listing standards.
Qimonda is considered "below compliance" because its average global
market captialization fell below $100 million over a consecutive thirty
trading day period. As previously announced, on November 7, 2008 Qimonda
was notified by the NYSE that it was below compliance because the price
of its American Depositary Shares (“ADSs”) had fallen below $1.00 over a
consecutive thirty trading day period. The NYSE has included the
indicator "BC" on its consolidated tape since the previous notice,
indicating that Qimonda is below the NYSE's quantitative continued
listing standards.
In order to restore compliance with the market capitalization standard,
Qimonda must have an average global market capitalization at or above
$100 million over a consecutive thirty day trading period 18 months from
the date that Qimonda received formal written notice of non-compliance
of the market capitalization standard from the NYSE. Under the
applicable rules and regulations of the NYSE, Qimonda has notified the
NYSE of its intention to return to compliance and submitted a business
plan outlining definitive actions that Qimonda is already taking to
comply again with the market capitalization standard and to increase the
price of its ADSs to over $1.00. The NYSE is currently reviewing the
plan submitted by Qimonda and if the plan is accepted, Qimonda will be
subject to on-going monitoring by the NYSE. Qimonda intends to return to
compliance under both standards and will remain in communication with
the NYSE throughout the process.
Under the NYSE rules, should Qimonda fail to increase the average
closing price of its ADSs to the required level at the expiration of the
six months period on May 7, 2009 or fail to increase the average global
market capitalization to the required level by June 5, 2010, the NYSE
will commence suspension and delisting procedures. During this cure
period, Qimonda’s ADSs will continue to be listed on the NYSE, subject
to ongoing reassessment. This NYSE notification of non-compliance will
not affect the Qimonda’s business operations, does not change its SEC
reporting requirements and has no effect under any of the Qimonda’s
credit agreements or the 6.75% Senior Unsecured Convertible Notes issued
by Qimonda’s finance subsidiary.
About Qimonda
Qimonda AG (NYSE:QI) is a leading global memory supplier with a broad
diversified DRAM product portfolio.
