SGI has received news from the NASDAQ that trading of their stock is set to be suspended tomorrow. The company has requested hearing on the issue
The Nasdaq Stock Market on March 3, 2009, [indicated] that trading of the Company’s common stock will be suspended at the opening of business on March 12, 2009 due to a failure to comply with the market value of publicly held shares requirement for continued listing set forth in Marketplace Rule 4310(c)(3)(B). The Company has requested a hearing before a Nasdaq Listing Qualification Panel to review the Staff Determination. A hearing request will stay the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision.
This is the second time in the recent financial crisis that SGI has received a delisting notification. They were initially warned back in December, but because so many companies were having troubles, NASDAQ granted an extension of the probationary period from 30 days to 90 days and temporarily lowered the minimum market cap threshold. Under the extension SGI had until March 3 for its shares to come into compliance. As of this posting the market cap of SGI is $5.36M, with a last trade a $0.46 a share.