SANTA CLARA, Calif.,
Nov. 17, 2015 /PRNewswire/
-- Marvell Technology Group Ltd. (NASDAQ: MRVL) today
announced that on November 12, 2015
it had submitted a compliance plan to The NASDAQ Stock Market
("NASDAQ") to support its request for an extension of time to
March 8, 2016 to regain compliance
with continued listing requirements. Pursuant to NASDAQ rules,
Marvell's securities will remain listed on the NASDAQ Global Select
Market pending NASDAQ's review of the plan of compliance plan.
Marvell intends to take all necessary steps to achieve compliance
with the NASDAQ continued listing requirements as soon as
practicable.
Marvell also announced that it currently anticipates issuing
preliminary financial information for the third fiscal quarter
ended October 31, 2015 by early
December 2015.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995:
This press release contains forward-looking statements. Words
such as "anticipates," "expects," "intends," "plans," "believes,"
"seeks," "estimates," "may," "will," "should," and their variations
identify forward-looking statements. These statements are not
guarantees of results and are subject to risks and uncertainties
that could cause actual results to differ materially from those
anticipated in the forward-looking statements. These risks and
uncertainties include, but are not limited to, the outcome of
NASDAQ's review of Marvell's compliance plan and the timing and
outcome of any NASDAQ decision, Marvell's ability to regain
compliance with its SEC reporting obligations within the time of
any exemption granted by NASDAQ, and Marvell's ability to release
preliminary unaudited financial information for the third quarter
of fiscal 2016. For other factors that could cause actual
results to vary from expectations, please see the sections titled
"Risk Factors" in Marvell's quarterly report on Form 10-Q for the
fiscal quarter ended May 2, 2015 and
other factors detailed from time to time in Marvell's filings with
the SEC. Marvell undertakes no obligation to or update
publicly any forward-looking statements.
About Marvell
Marvell (NASDAQ: MRVL) is a global leader in providing complete
silicon solutions and Kinoma® software enabling the "Smart Life and
Smart Lifestyle." From storage to Internet of Things (IoT), cloud
infrastructure, digital entertainment and in-home content delivery,
Marvell's diverse product portfolio aligns complete platform
designs with industry-leading performance, security, reliability
and efficiency. At the core of the world's most powerful consumer,
network and enterprise systems, Marvell empowers partners and their
customers to always stand at the forefront of innovation,
performance and mass appeal. By providing people around the world
with mobility and ease of access to services adding value to their
social, private and work lives, Marvell is committed to enhancing
the human experience.
As used in this release, the term "Marvell" and the "Company"
refers to Marvell Technology Group Ltd. and its subsidiaries. For
more information, please visit www.Marvell.com.
Marvell® and the Marvell logo are registered trademarks of
Marvell and/or its affiliates.
For further
information, contact:
|
|
John Spencer
Ahn
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Sue Kim
|
Investor
Relations
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Media
Relations
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408-222-7544
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408-222-1942
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johnahn@marvell.com
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suekim@marvell.com
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SOURCE Marvell Technology Group Ltd.