News

SGI again looking at stock delisting

Email this story

Print this story

Archives

1 comment(s)

By The Chippewa Herald
Tuesday, December 9, 2008 12:06 PM CST

Once thrown off the New York Stock Exchange, the stock of Chippewa Falls computer manufacturer Silicon Graphics Inc. now faces having its stock delisted from the Nasdaq Stock Market.

The company was sent a warning letter by Nasdaq on Dec. 2. The letter said for 10 consecutive trading days preceding the date of the letter, the market value of the SGI’s listed securities had been below the minimum $35 million requirement.

And Nasdaq said at this time SGI fails to meet an alternative NASDAQ requirement. That requires a company to have either minimum stockholders’ equity of $2.5 million or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.

SGI now has until Jan. 2, 2009 to get back into compliance with Nasdaq. It needs to exceed the $35 million requirement for a minimum of 10 consecutive business days.

If it doesn’t, SGI said it will get a letter from Nasdaq telling the company it is delisted. SGI will then be allowed to appeal to a listing qualifications panel.

After its delisting by the New York Stock Exchange, SGI went into and came out of bankruptcy. It then listed its stock with Nasdaq.

PLEASE NOTE:

Comments on stories that are updated may disappear with each update. The comments below are from readers. In no way do they represent the views of the Chippewa Herald.

COMMENTS:

Omnipotent wrote on Dec 11, 2008 12:12 AM:

" The citizens of Chippewa Falls, if they only knew more about SGI, would rejoice at their imminent demise. SGI pretended to be the great partner with the city that Cray once was, but they were just a user of cheap labor and stranded engineers too lazy to move back to California. Their time is over and the city can finally move on from its illusions of Supecomputer grandeur. Time for the brewery to hire a third shift. Cutting down trees and making beer was all this city was ever really good at anyway. "

Report Abuse

LOGIN / REGISTER:

*Member ID:

*Password:
Forgot Your Password?

Do not use usernames or passwords from your financial accounts!
Note: Fields marked with an asterisk (*) are required!
I agree to the terms and conditions

*Create a Member ID:

*Choose a password:

*Re-enter password:

*E-mail Address:

*Year of Birth:

(children under 13 cannot register)

*First Name:

*Last Name: