News Article
Alliance receives Nasdaq delisting notice
Alliance Semiconductor Corporation received a Nasdaq additional Staff determination letter indicating that the Nasdaq Staff believes the Company is no longer engaged in active business operations and is therefore a "public shell."
As a result the Company's securities are subject to delisting from The Nasdaq Stock Market pursuant to Marketplace Rule 4300. Rule 4300 provides Nasdaq with discretionary authority to apply more stringent criteria for continued listing and terminate the inclusion of particular securities based on any event that occurs that makes inclusion of the securities in Nasdaq inadvisable or unwarranted, even though the securities meet all enumerated criteria for continued inclusion in Nasdaq, or because Nasdaq deems it necessary to protect investors and the public interest.
The Company intends to appeal the Staff's determination to delist the Company's securities to a Nasdaq Listing Qualifications Panel (the "Panel") at a hearing calendared for August 17, 2006. The Company's common stock will continue to trade on the Nasdaq Stock Market pending the Panel's decision. There can be no assurance that the Panel will grant the Company's request for continued listing.Also, on August 11, 2006, the Company received confirmation from Nasdaq that the Company had regained compliance with Marketplace Rule 4310(c)(14), after filing its Annual Report on Form 10-K for the fiscal year ended March 31, 2006 with the Securities and Exchange Commission on August 9, 2006.
In the Form 10-K, the Company disclosed that, subsequent to the fiscal year ended March 31, 2006, the Company had sold substantially all of the assets and certain of the liabilities of the Company's Systems Solutions business unit, Analogue and Mixed Signal business unit and Memory business unit.
