Presstek Announces Listing Transfer to NASDAQ Capital Market
GREENWICH, CT—Apr 19, 2012—Presstek, Inc. (NASDAQ: PRST), a leading supplier of digital offset printing solutions to the printing and communications industries, announced that its application to transfer the listing of its common stock from The NASDAQ Global Market to The NASDAQ Capital Market has been approved by NASDAQ. This transfer will be effective at the opening of business on April 20, 2012, and the company’s common stock will continue to trade under the symbol “PRST.”
The NASDAQ Capital Market is a continuous trading market that operates in substantially the same manner as The NASDAQ Global Market and listed companies must meet certain financial requirements and comply with NASDAQ’s corporate governance requirements.
The company also announced today that it will seek stockholder approval of an amendment to its Certificate of Incorporation to effect a reverse stock split in the range of 1-for-2 to 1-for-15 shares of common stock. The board of directors would retain discretion over whether to implement the reverse stock split and over the exact ratio of the reverse stock split.
The reverse stock split would provide the Company with a means to cure its minimum bid price deficiency for continued listing on The NASDAQ Capital Market, if such action becomes necessary. The proposed reverse stock split will be voted upon at the annual meeting of stockholders to be held June 12, 2012.
In October 2011, the company announced that it received a letter from The NASDAQ Stock Market, dated Oct. 24, 2011, notifying it that, for the 30 consecutive business days preceding the date of the letter, the bid price of the Company’s common stock had closed below the $1.00 per share minimum bid price required for continued inclusion on The NASDAQ Global Market.
To regain compliance with The NASDAQ Global Market continued listing requirements, the closing bid price of the company’s common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days. The company was granted until April 23, 2012 to regain compliance. In anticipation of not meeting the minimum bid price continued listing requirement, the Company requested, and on April 17, 2012 received, approval from NASDAQ to transfer the listing of its common stock from The NASDAQ Global Market to The NASDAQ Capital Market.