ClearOne Announces Receipt of NASDAQ Notification Letter
ClearOne (http://www.clearone.com/) , the leading global provider of high performance audio conferencing solutions, today announced that on April 16, 2010, it received a letter from the NASDAQ Stock Market ("NASDAQ") stating that ClearOne no longer complies with NASDAQ Marketplace Rule 5250(c)(1) as a result of delay in filing its transition report in Form 10-K ("Form 10-K") for the period ended December 31, 2009. The letter was issued by NASDAQ under NASDAQ Listing Rule 5810(b) for ClearOne's failure to comply with NASDAQ Listing Rule 5250(c)(1). As already informed through Form NT 10-K filed with the Securities and Exchange Commission ("SEC") on April 1, 2010 and Form 8-K filed with the SEC on April 16, 2010, the delay in filing ClearOne's Form 10-K was due to the delay in completing the accounting for its recent acquisition of NetStreams, Inc.
ClearOne has 60 calendar days, or until June 15, 2010, to submit to NASDAQ a plan (the "Plan") to regain compliance with the NASDAQ Listing Rules. ClearOne intends to file its Form 10-K as soon as possible and before the Plan has to be submitted to regain compliance.