18 July 2023
SemiLEDs receives Nasdaq non-compliance notice
On 11 July, LED chip and component maker SemiLEDs Corp of Hsinchu, Taiwan received a notice from The NASDAQ Stock Market indicating that it no longer complies with the audit committee requirements as set forth in Listing Rule 5605 and confirming its opportunity to regain compliance within the cure period provided in Listing Rule 5605(c)(4), which is the earlier of the firm’s next annual meeting of stockholders or 10 July 2024. Alternatively, if the next annual stockholders’ meeting is held before 8 January 2024, then the firm must evidence compliance no later than that date.
Also on 11 July, SemiLEDs received a separate notice from The NASDAQ Stock Market indicating that the firm does not meet the minimum of $2.5m in stockholders’ equity required by Listing Rule 5550(b)(1) for continued listing. The firm also does not meet the alternatives of market value of listed securities or net income from continuing operations. Under the listing rule, SemiLEDs has 45 calendar days to submit a plan to regain compliance. If the plan is accepted by The NASDAQ Stock Market, an extension of up to 180 calendar days from 11 July will be granted.
On 10 July, Roger Lee resigned as a director of SemiLEDs effective immediately due to personal reason. His decision was not the result of any disagreement with the company regarding its operations, policies or practices, says the firm.