HILLSBORO, Ore., June 17 /PRNewswire-FirstCall/ -- MathStar, Inc. (NASDAQ:MATH) announced today that it has received notification from The NASDAQ Stock Market that it has regained compliance with the listing standards required to maintain its listing on The NASDAQ Global Market.
As previously reported on January 7, 2008, MathStar received notification from The NASDAQ Stock Market notifying it that the closing price per share for its common stock was below the $1.00 minimum bid price for 30 consecutive trading days. Since then, the closing bid price of MathStar's common stock has been $1.00 per share or greater for 10 consecutive business days. On May 22, 2008, MathStar's stockholders approved a one-for-five reverse stock split that was effective on May 23, 2008. The principal purpose of the reverse stock split was to regain compliance with the listing standards for The NASDAQ Global Market.
Forward-Looking Statements Statements in this press release, other than historical information, may be "forward-looking" in nature within the meaning of Section 21E the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and assumptions. These statements are based on management's current expectations, estimates and projections about MathStar and its industry and include, but are not limited to, those set forth in the section of MathStar's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2008 under the heading "Risk Factors." MathStar undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
3879420v1 DATASOURCE: MathStar, Inc.
CONTACT: Douglas M. Pihl of MathStar, Inc., +1-503-726-5500, Web site: http://www.mathstar.com/
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