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13 June 2008


Avanex regains compliance with Nasdaq’s $1 minimum share price rule

Optical communications component and module maker Avanex Corp of Fremont, CA, USA has received a letter from The Nasdaq Stock Market LLC indicating that it has regained compliance with the $1 per share minimum closing bid price requirement for continued listing on the Nasdaq Global Market.

On 7 March, Avanex had received an initial letter from Nasdaq’s Listing Qualifications Department confirming that, for the prior 30 consecutive trading days, the bid price of its common stock had closed below $1 per share. Avanex was therefore given 180 days (until 2 September) to regain compliance (i.e. for the bid price to close at or above $1 per share for at least 10 consecutive trading days).

Nasdaq adds that the matter of the firm’s compliance with the requirement is now closed.

See related item:

Nasdaq gives Avanex 6 months to regain $1 share price

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