semileds corp/tw (LEDS) Key Developments
SemiLEDs Corporation Receives Non-Compliance Notice From NASDAQ
May 11 15
Listing Rule 5605(c)(2)(A) of The NASDAQ Stock Market requires that each listed company must have an audit committee of at least three members, each of whom, among other requirements, must be an “Independent Director” and meet the criteria for independence set forth in Rule 10A-3(b) under the Securities Exchange Act of 1934, as amended. One of the SemiLEDs Corporation’s then-current Audit Committee members, Jack Lau, did not stand for re-election at the Annual Meeting. Following the elections of the four directors at the Annual Meeting, the Board appointed Arthur H. del Prado and Dr. Edward Hsieh to the Company’s Audit Committee, such Audit Committee now consists of two members, one less than required. On May 7, 2015, the Company notified The NASDAQ Stock Market that, as a result of having one vacancy on the Audit Committee, the Company is not in current compliance with Listing Rule 5605(c)(2)(A). The Company intends to fill the vacancy on the Audit Committee within the cure period provided for in Listing Rule 5605(c)(4)(B) of The NASDAQ Stock Market. On May 8, 2015, the Company received a notice from The NASDAQ Stock Market acknowledging that the Company no longer complies with the audit committee requirements as set forth in Listing Rule 5605 and confirming the Company’s opportunity to regain compliance within the cure period provided in Listing Rule 5605(c)(4)(B).
SemiLEDs Receives Non-Compliance Letter From Nasdaq
May 6 15
On April 30, 2015, SemiLEDs Corporation received a letter from The NASDAQ Stock Market notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on the Nasdaq Global Select Market. The Nasdaq Listing Rules require listed securities to maintain a minimum bid price of $1.00 per share and, based on the closing bid price for the last 30 consecutive business days, the Company no longer meets that requirement. The notification letter does not impact the Company’s listing on the Nasdaq Global Select Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until October 27, 2015, to regain compliance with Nasdaq Listing Rule 5450(a)(1). To regain compliance, the Company’s common stock must have a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by October 27, 2015, the Company may be eligible for additional time.
SemiLEDs Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter Ended February 28, 2015
Apr 11 15
SemiLEDs Corporation reported unaudited consolidated earnings results for the second quarter ended February 28, 2015. For the quarter, the company reported revenue of $4.6 million, a 56% increase compared to $2.9 million in the first quarter of fiscal 2015. GAAP net loss attributable to company’s stockholders was $2.9 million, or a net loss of $0.10 per diluted share, compared to GAAP net loss attributable to company’s stockholders of $4.3 million, or a net loss of $0.15 per diluted share, for the first quarter of fiscal 2015. On a non-GAAP basis, net loss attributable to company’s stockholders was $2.5 million, or a net loss of $0.09 per diluted share, compared to non-GAAP net loss attributable to company’s stockholders of $3.9 million, or a net loss of $0.14 per diluted share for the first quarter of fiscal 2015. Cash used in operating activities was $1.4 million compared to $2.673 million in the first quarter of fiscal 2015. Loss from operations was $2.852 million against $4.442 million in the first quarter of fiscal 2015. Loss before income taxes was $2.904 million against $4.371 million in the first quarter of fiscal 2015. Capital expenditures was $0.423 million compared to $0.601 million in the first quarter of fiscal 2015.
SemiLEDs Corporation, Annual General Meeting, May 07, 2015
Apr 6 15
SemiLEDs Corporation, Annual General Meeting, May 07, 2015., at 09:00 Singapore Standard Time. Location: 3rd floor - No. 8, Xin-an Road.
Jack Lau Decides Not to Stand for Re-Election as SemiLEDs Corporation Board of Directors
Mar 9 15
On March 3, 2015, Jack Lau notified the Board of Directors of SemiLEDs Corporation of his decision not to stand for reelection to the Board of Directors at the company's 2015 Annual Meeting of Shareholders. Mr. Lau will continue to serve as director until his term expires at the Annual Meeting. Mr. Lau has served four years on board of directors.