-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UHSJDWGkwYDBZBf05j4Upntiilb7oOU9Gdomo9cUM3R5flJvcSO+3FW3xEPNpAYy kxZa/RLAnMOD0u+i9I5qag== 0001104659-03-008584.txt : 20030508 0001104659-03-008584.hdr.sgml : 20030508 20030508132713 ACCESSION NUMBER: 0001104659-03-008584 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030506 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WJ COMMUNICATIONS INC CENTRAL INDEX KEY: 0000105006 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 941402710 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31337 FILM NUMBER: 03687690 BUSINESS ADDRESS: STREET 1: 401 RIVER OAKS PARKWAY CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: 408-577-6200 MAIL ADDRESS: STREET 1: 401 RIVER OAKS PARKWAY CITY: SAN JOSE STATE: CA ZIP: 95134 FORMER COMPANY: FORMER CONFORMED NAME: WATKINS JOHNSON CO DATE OF NAME CHANGE: 19920703 8-K 1 j0511_8k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of Earliest

Event Reported): May 6, 2003

 

 

WJ COMMUNICATIONS, INC.

(Exact name of registrant as specified in its charter)

 

Commission file number 000-31337

 

DELAWARE

 

94-1402710

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

401 River Oaks Parkway, San Jose, California

 

95134

(Address of principal executive offices)

 

(Zip Code)

 

 

 

(408) 577-6200

(Registrant’s telephone number, including area code)

 

 



 

Item 5.              Other Events

 

On May 6, 2003, the Company received notice from Nasdaq warning that the Company’s common stock failed to comply with the Nasdaq National Market rules for continued listing as a result of closing below the $1.00 minimum bid price requirement for the prior 30 consecutive trading days.  The Company was given 180 calendar days, or until November 3, 2003, to regain compliance.  A copy of the notice from Nasdaq is attached to this report as Exhibit 99.

 

Item 7.              Financial Statements and Exhibits

 

(c) Exhibits

 

99                                    Notice from Nasdaq dated May 6, 2003 warning that the Company’s common stock failed to comply with the Nasdaq National Market rules for continued listing as a result of closing below the $1.00 minimum bid price requirement for the prior 30 consecutive trading days.

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

WJ COMMUNICATIONS, INC.

 

 

 

 

 

 

 

By:

/s/  FRED J. KRUPICA

 

 

Fred J. Krupica

 

 

Chief Financial Officer
(principal financial officer)

 

 

Dated:  May 6, 2003

 

2


EX-99 3 j0511_ex99.htm EX-99

Exhibit 99

 

 

THE NASDAQ STOCK MARKET
9600 BLACKWELL ROAD, SUITE 300

ROCKVILLE, MD 20850

 

By Facsimile and Overnight Mail

 

May 6, 2003

 

Mr. Fred J. Krupica
Chief Financial Officer
WJ Communications, Inc.
401 River Oaks Parkway
San Jose, California 95134

 

Re:                               WJ Communications, Inc. (the “Company”)
Nasdaq Symbol: WJCI

 

Dear Mr. Krupica:

 

For the last 30 consecutive trading days, the bid price of the Company’s common stock has closed below the minimum $1.00 per share requirement for continued inclusion under Marketplace Rule 4450(a)(5) (the “Rule”).(1) Therefore, in accordance with Marketplace Rule 4450(e)(2), the Company will be provided 180 calendar days, or until November 3, 2003, to regain compliance.(2)  If, at anytime before November 3, 2003, the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive trading days, Staff will provide written notification that the Company has achieved compliance with the Rule.(3)  If compliance with this Rule cannot be demonstrated by November 3, 2003, Staff will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal Staff’s determination to a Listing Qualifications Panel or may apply to transfer its securities to The Nasdaq SmallCap Market pursuant to Marketplace Rule 4450(i)(4) and avail itself of any additional compliance periods or The SmallCap Market for which it is eligible.

 

 

 


(1) The Company also does not meet the continued listing requirements under Maintenance Standard 2. See attached chart.

(2) The 180 day period relates exclusively to the bid price deficiency. The Company may be delisted during the 180 day period for failure to maintain compliance with any other listing requirement for which it is currently on notice or which occurs during this period.

(3) Under certain circumstances, to ensure that the Company can sustain long-term compliance, Staff may require that the closing bid price equals $1.00 per share for a period in excess of ten consecutive business days, but generally, no more than 20 consecutive business days, before determining that the Company complies. In determining whether to monitor the bid price beyond 10 business days, Nasdaq will consider the following four factors: (i) margin of compliance; (ii) trading volume; (iii) the market maker montage; and, (iv) the trend of the stock price.

(4) Marketplace Rule 4450(i) states in part: “If a National Market issuer has not been deemed in compliance prior to the expiration of a compliance period for bid price or otherwise so chooses, it may transfer to The Nasdaq SmallCap Market, provided that it meets all applicable requirements for continued inclusion on the SmallCap Market set forth in Rule 4310(c) (other than the minimum bid price requirement of Rule 4310(c)(4)) or Rule 4320(e), if applicable.”

 



 

Mr. Fred J. Krupica
May 6, 2003

 

If you have any questions, please do not hesitate to contact me at (301) 978-8059.

 

Sincerely,

 

/s/ Ed Newhart

 

Ed Newhart

Listing Analyst

Nasdaq Listing Qualifications

 

2



 

THE NASDAQ NATIONAL MARKET
CONTINUED INCLUSION REQUIREMENTS

 

This table identifies the minimum standards for continued inclusion on The Nasdaq National Market. Each incidence of non-compliance by the Company is denoted with an “X”.

 

COMPANY SYMBOL: WJCI

 

Standards

 

Maintenance Standard
1

 

 

 

Maintenance Standard
2

 

 

 

Stockholders’ Equity

 

$10 million

 

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Value of Listed Securities(5)

 

N/A

 

 

 

$50 million

 

 

 

 

 

 

 

 

 

OR

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

 

 

 

 

($50 million

 

 

 

 

 

 

 

 

 

AND

 

 

 

Total Revenue

 

 

 

 

 

$50 million)

 

 

 

 

 

 

 

 

 

 

 

 

 

Publicly Held Shares(6)

 

750,000

 

 

 

1.1 million

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Value of Publicly Held Shares

 

$5 million

 

 

 

$15 million

 

 

 

 

 

 

 

 

 

 

 

 

 

Bid Price

 

$1

 

X

 

$1

 

X

 

 

 

 

 

 

 

 

 

 

 

Round Lot Shareholders(7)

 

400

 

 

 

400

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Makers(8)

 

2

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Governance

 

Yes

 

 

 

Yes

 

 

 

 


(5) Listed securities means securities quoted on Nasdaq or listed on a national securities exchange.

(6) For purposes of this requirement, publicly held shares means total shares outstanding less any shares held by officers, directors, or beneficial owners of 10 percent or more.

(7) Round lot holders are holders of 100 shares or more.

(8) An Electronic Communication Network (“ECN”) is not considered an active market maker.

 

3



 

The Nasdaq SmallCap Market
Criteria for Continued Inclusion

 

Stockholders’ Equity

 

$2,500,000

 

 

 

or

 

 

 

 

 

Net Income from Continuing Operations (most recently completed fiscal year or 2 of the last 3 years)

 

$500,000

 

 

 

or

 

 

 

 

 

Market Value of Listed Securities

 

$35,000,000

 

 

 

 

 

Publicly Held Shares

 

500,000

 

 

 

 

 

Market Value of Publicly Held Shares

 

$1,000,000

 

 

 

 

 

Bid Price

 

$1.00

 

 

 

 

 

Market Makers

 

2

 

 

 

 

 

Round Lot Shareholders

 

300

 

 

 

 

 

Corporate Governance

 

Yes

 

 

4


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