Ciprico Applies to Transfer to NASDAQ Capital Market
07 Janvier 2008 - 6:00PM
Business Wire
Ciprico Inc. (NASDAQ: CPCI) (the �Company�) announced today that it
is has applied to transfer its NASDAQ listing from The Global
Market to The NASDAQ Capital Market. As anticipated the Company
received a letter from NASDAQ on January 2, 2008 indicating the
Company fails to comply with the minimum $10 million stockholders�
equity requirement for continued listing on The NASDAQ Global
Market as set forth in Marketplace Rule 4450 (a)(3). The Company
does meet the standard for stockholders� equity for The NASDAQ
Capital Market and believes it is in compliance with all other
listing requirements. As announced on December 26th, the Company
entered into a Convertible Note Purchase Agreement with multiple
accredited investors for the private placement of $5.1 million of
convertible notes and common stock warrants. The conversion price
for the notes and the exercise price for the warrants is $3.86 per
share. The notes are due and payable in full on the 15-month
anniversary of the date of issuance and are convertible at the
holder�s option. If the holders were to convert their notes for
common stock the Company would be above the $10 million
stockholder�s equity requirement. In addition, and as previously
disclosed, the Company has filed its Proxy Statement with a
proposal to increase the number of authorized shares in
consideration of additional capital needs to facilitate continued
growth in 2008. About Ciprico Ciprico Inc. (NASDAQ: CPCI) is a
leading provider of intelligent storage software, solutions and
appliances for enterprise class IT servers, professional
workstations and digital media workflows. Ciprico is headquartered
in Minneapolis, MN. More information about Ciprico is available at
www.ciprico.com.
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