REDMOND, Wash., June 22, 2020 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS) announced that it has received a letter from Nasdaq confirming that it has regained compliance with Nasdaq's listing requirements.
"We are pleased to maintain our listing on the Nasdaq Global Market," said Sumit Sharma, Chief Executive Officer. "The Company's Board of Directors will continue to monitor the situation to determine if there is a need to effect a reverse stock split during the 90-day period authorized by shareholders on May 19, 2020."
As previously announced, MicroVision was notified on June 13, 2019, that it had failed to meet the minimum bid price requirement under Nasdaq Stock Market Listing Bid Price Rule 5450(a)(1). In February, the Company was notified that the Nasdaq Hearings Panel had granted the company an extension of time to regain compliance. In April, in response to the COVID-19 pandemic, Nasdaq announced temporary relief from the continued listing bid price requirement through June 30, 2020 extending the time Company had to regain compliance before August 24, 2020. MicroVision was notified by Nasdaq that it is now in compliance with the rule and that Nasdaq considers the matter closed. The company's shares will continue to be traded on The Nasdaq Global Market under the symbol MVIS.