xG Technology, Inc. (Nasdaq: XGTI, XGTIW) has received a written notification from the Nasdaq Stock Market LLC indicating that the company is eligible for an additional 180 calendar day period, or until September 26, 2016, to regain compliance with Nasdaq Listing Rule 5550(a)(2) covering minimum bid price requirement, the company said.
The determination by Nasdaq that the company was eligible for this additional period was based upon the company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the Bid Price Rule, and the company´s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
If the company does not regain compliance within the allotted compliance period, Nasdaq will provide notice that the company´s shares of common stock will be subject to delisting.
The company intends to monitor the closing bid price of its common stock between now and September 26, 2016 and will consider available options to resolve the company´s noncompliance with the minimum bid price requirement as may be necessary.
As previously disclosed, on September 28, 2015, xG was notified that the company´s common stock no longer met the minimum USD1 bid price per share listing requirement, and was provided under NASDAQ´s Listing Rules with 180 calendar days, or until March 28, 2016, to regain compliance.
Founded in 2002, xG Technology has developed communication technologies that make wireless networks more intelligent, accessible, affordable and reliable.
Based in Sarasota, Florida, xG has over 100 patents and pending patent applications. xG is a publicly traded company listed on the NASDAQ Capital Market (symbol: XGTI) For more information, please visit www.xgtechnology.com.