AltiGen Receives Notification From NASDAQ Relating to Minimum Bid Price
| Source: AltiGen Communications
SAN JOSE, CA--(Marketwire - September 18, 2009) - AltiGen Communications, Inc. (NASDAQ : ATGN ), a
leading provider of 100% Microsoft-based VoIP business phone systems and
Unified Communications solutions, announced today that it received
notification, dated September 15, 2009, from the NASDAQ Stock Market
("NASDAQ"), that for the 30 consecutive business days preceding the date of
the notification, the closing bid price of AltiGen's common stock had been
below the $1.00 minimum bid price per share required for continued listing
on the NASDAQ Capital Market under NASDAQ Listing Rule 5550(a)(2).
In accordance with NASDAQ Listing Rule 5810(c)(3)(A), AltiGen will be
granted 180 calendar days, or until March 14, 2010, to regain compliance
with the minimum bid price requirement by maintaining a closing bid price
of $1.00 per share or higher for a minimum of 10 consecutive trading days.
If the Company is successful in meeting this requirement, NASDAQ will
provide written notification that is has achieved compliance with the rule.
If the Company is unsuccessful in meeting the minimum bid requirement
during this initial 180-day period, NASDAQ will provide notice to AltiGen
that its common stock will be subject to delisting. Alternatively, AltiGen
may be eligible for an additional grace period if it meets the initial
listing standards, with the exception of bid price, for the NASDAQ Capital
Market under NASDAQ Listing Rule 5505. If it meets the initial listing
criteria, according to the notification, AltiGen will be provided notice
that it has been granted an additional 180-calendar day compliance period.
AltiGen is evaluating its options to reestablish compliance with NASDAQ
Listing Rule 5550(a)(2).
About AltiGen Communications
AltiGen Communications, Inc. (NASDAQ : ATGN ) is a leading provider of 100%
Microsoft-based VoIP business phone systems and Unified Communications
solutions. Having more than 10,000 customers around the world, AltiGen
solutions are designed for high reliability, ease of use, seamless
integration to Microsoft infrastructure technologies, and are built on a
scalable, open standards platform. AltiGen's worldwide headquarters is in
Silicon Valley, California, with international operations based in
Shanghai, China. Local sales, service and support are provided by AltiGen's
worldwide network of over 300 certified partners. For more information,
call 1-888-ALTIGEN or visit the web site at www.altigen.com.