COSTA MESA--- Irvine Sensors Receives Nasdaq Staff Determination Regarding Minimum Bid Price
Irvine Sensors Corporation (NASDAQ:IRSN) today announced that it received a Nasdaq Staff Determination (the "Staff Determination") on June 5, 2008 indicating that the Company is not in compliance with the $1.00 minimum bid price requirement for continued listing set forth in Nasdaq Marketplace Rule 4310(c)(4), and that the Company's securities are, therefore, subject to delisting from The Nasdaq Capital Market. Accordingly, unless the Company requests a hearing to appeal the Staff Determination before a Nasdaq Listing Qualifications Panel (the "Panel"), the Staff Determination states that trading of the Company's common stock will be suspended at the opening of business on June 16, 2008 and the Company's securities will be delisted from The Nasdaq Stock Market. The Company intends to request such a hearing before the Panel and present the Company's plan for regaining compliance. Submission of a hearing request not later than 4:00 p.m. Eastern Time on June 12, 2008 will stay the suspension of trading of the Company's common stock and the delisting of the Company's securities pending the Panel's decision. There can be no assurance that the Panel will grant the Company's request for continued listing.
The Staff Determination states that historically, the Panel has generally viewed a reverse stock split in 30 to 60 days as the only definitive plan acceptable to resolve a bid price deficiency, but that the Panel could allow up to 180 calendar days from the date of the Staff Determination if the Panel deems it appropriate. The Company has already filed a preliminary proxy statement with the Securities and Exchange Commission on May 21, 2008 which contains a proposal to be voted upon by stockholders at the Company's Annual Meeting for the authority to effectuate a reverse stock split should such action be required to maintain Nasdaq listing.
Irvine Sensors Corporation (http://www.irvine-sensors.com/), headquartered in Costa Mesa, California, is a vision systems company engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies, the manufacture and sale of optical systems and equipment for military applications through its Optex subsidiary and research and development related to high density electronics, miniaturized sensors, optical interconnection technology, high speed network security, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.