Monster Digital Receives Requested Extension from Nasdaq Panel
December 12 2017 - 4:05PM
Monster Digital, Inc. (MSDI) (the “Company” or
“Monster Digital”) announced today that on December 11, 2017, it
was notified by The NASDAQ Stock Market LLC ("Nasdaq") that the
Nasdaq Hearings Panel (the "Panel") granted the Company's request
for continued listing on Nasdaq pursuant to an extension through
January 3, 2018. The January 3rd date is the outside date for the
closing of the Company’s proposed reverse merger with Innovate
Biopharmaceuticals, Inc. (“Innovate”). The Panel’s granting of the
Company’s request for continued listing was subject to the
condition that on or before January 3, 2018, the Company must
inform the Panel that it has received approval of the combined
company’s initial listing application from Listing Qualifications
Staff and closed the reverse merger with Innovate.
The Panel's determination follows an in-person
hearing before the Panel attended by representatives of each of
Monster Digital and Innovate. At the hearing, the Panel considered
whether to allow Monster Digital as a non-compliant company to
remain listed while it works toward the reverse merger. The Panel
determined that based on the pro-forma balance sheet and
representations of the Company and Innovate regarding the status of
capital raising efforts, it appeared that the post-merger entity
will meet the quantitative requirements for listing on the Nasdaq
Capital Market by the time it closes the transaction. In order to
fully comply with the terms of this exception, the combined company
must be able to demonstrate compliance with all requirements for
continued listing on The Nasdaq Stock Market. In the event the
combined company is unable to do so, the Company’s securities may
be delisted from The Nasdaq Stock Market.
About Monster Digital, Inc.
Monster Digital develops, markets and distributes
Monster-branded products for use in high-performance consumer
electronics, mobile products and computing applications. The
Company designs and engineers premium action sports cameras and
accessories, in addition to advanced data storage and memory
products for professionals and consumers.
Monster Digital is a registered trademark of Monster Products,
Inc. in the U.S. and other countries.
For more information about the company, please
visit http://www.monsterdigital.com
Forward-Looking Statements:
Some of the statements in this press release are
"forward-looking" and are made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
Actual results and the timing of events could differ materially
from those anticipated in such forward-looking statements as a
result of risks and uncertainties including the timing and outcome
of any NASDAQ decision with respect to our requests; our inability
to take other actions to regain compliance with the NASDAQ
stockholders’ equity requirement; and our inability to maintain
compliance with other NASDAQ Capital Market listing requirements.
These statements involve risks and uncertainties that may cause
results to differ materially from the statements set forth in this
press release, including, among other things, our ability to obtain
and maintain regulatory approval for our products; plus other
factors described under the heading "Item 1A. Risk Factors" in our
Annual Report on Form 10-K for the fiscal year ended December 31,
2016, or described in our other public filings. Our results may
also be affected by factors of which we are not currently aware.
The forward-looking statements in this press release speak only as
of the date of this press release. Monster Digital expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to such statements to reflect any change in
its expectations with regard thereto or any changes in the events,
conditions or circumstances on which any such statement is
based.
Contact:
Contacts:
Monster Digital, Inc.
David Olert, CFO
dolert@monsterdigital.com
Investors:
PCG Advisory
Vivian Cervantes
646-863-6274
vivian@pcgadvisory.com
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