Puget Sound Business Journal
Date: Wednesday, May 23, 2012, 5:21am PDT - Last Modified: Wednesday, May 23, 2012, 6:55am PDT
Microvision Inc. said it's received a letter from the NASDAQ stock exchange, saying its shares were in danger of being delisted from the exchange because the company's market cap doesn't meet minimum requirements.
The Redmond maker of ultra-miniature projection display technology (NASDAQ: MVIS) currently has a market cap of about $25 million, below the NASDAQ Global Market exchange requirement of $50 million. The company has until Nov. 12 to regain compliance.
Microvision said in a statement it "intends to continue to aggressively execute its business plan to significantly reduce expenses and secure customers" and "has taken steps to secure financing and reduce operating expenses to strengthen its financial position."
Earlier this month, Microvision said private investors have invested $5 million in the company.
