SUNNYVALE, Calif., Dec. 8 /PRNewswire-FirstCall/ -- Silicon Graphics, Inc.
(SGI) (Nasdaq: SGIC) announced today that it received a notification letter
from The Nasdaq Stock Market on December 2, 2008, indicating that, for 10
consecutive trading days preceding the date of the letter, the market value of
the SGI's listed securities had been below the minimum $35 million requirement
for continued inclusion on The Nasdaq Stock Market pursuant to Nasdaq
Marketplace Rule 4310(c)(3)(B) (the "Market Value of Listed Securities
Requirement").
Furthermore, Nasdaq stated that at this time the Company does not meet the
alternative NASDAQ requirement, Marketplace Rule 4310(c)(3)(A) or
4310(c)(3)(C), which requires the Company to have either minimum stockholders'
equity of $2.5 million or net income from continuing operations of $500,000 in
the most recently completed fiscal year or in two of the last three most
recently completed fiscal years.
In accordance with Nasdaq Marketplace Rule 4310(c)(8)(C), Silicon
Graphics, Inc. has thirty calendar days, or until January 2, 2009 (the
"Compliance Period"), to regain compliance with the Market Value of Listed
Securities Requirement. If, at any time prior to January 2, 2009, the market
value of the SGI's listed securities reaches or exceeds the $35 million
requirement for a minimum of 10 consecutive business days, Nasdaq will make a
determination regarding the Company's compliance. If compliance cannot be
demonstrated by January 2, 2009, then Nasdaq will provide written notification
that SGI's securities will be delisted. At that time, SGI will be permitted to
appeal Nasdaq's determination to a Listing Qualifications Panel.
About Silicon Graphics, Inc.
Silicon Graphics, Inc. (NASDAQ: SGIC), is a leader in high-performance
computing. SGI delivers a complete range of high-performance server,
visualization, and storage solutions along with industry-leading professional
services and support that enable its customers to overcome the challenges of
complex data-intensive workflows and accelerate breakthrough discoveries,
innovation and information transformation. SGI solutions help customers solve
their computing challenges whether it's enhancing the quality of life through
drug research, designing and manufacturing safer and more efficient cars and
airplanes, studying global climate, providing technologies for homeland
security and defense, or helping enterprises manage large data. Headquartered
in Sunnyvale, California, the company can be found on the Web at
http://www.sgi.com.
Silicon Graphics, SGI, the SGI cube, and the SGI logo registered
trademarks of SGI in the United States and/or other countries worldwide. All
other trademarks mentioned herein are the property of their respective owners.
MEDIA CONTACT
Marla Robinson
marlar@sgi.com
256.773.2371
SGI PR HOTLINE
408-524- 2810
SOURCE Silicon Graphics, Inc.