-----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, UBFQ5ELGd6Q5u1x3ms30LuBqbJs4AWoO1UvJ30wyZv+S/JBhA2rZPxq9NOvaGba/ KrAcjtT0tYN8vMPco38tuQ== 0001144204-08-039620.txt : 20080711 0001144204-08-039620.hdr.sgml : 20080711 20080711165317 ACCESSION NUMBER: 0001144204-08-039620 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080710 ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080711 DATE AS OF CHANGE: 20080711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFOSONICS CORP CENTRAL INDEX KEY: 0001274032 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 330599368 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32217 FILM NUMBER: 08949394 BUSINESS ADDRESS: STREET 1: 4350 EXECUTIVE DRIVE, SUITE 100 CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 858 373-1600 MAIL ADDRESS: STREET 1: 4350 EXECUTIVE DRIVE, SUITE 100 CITY: SAN DIEGO STATE: CA ZIP: 92121 8-K 1 v119754_8k.htm
 
UNITED STATES
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): July 10, 2008
 
InfoSonics Corporation 

(Exact name of registrant as specified in its charter)
         
Maryland
 
010-32217
 
33-0599368
(State or other jurisdiction of incorporation)
 
(Commission File Number) 
 
(IRS Employer Identification No.)
 
 
4350 Executive Drive, Suite 100, San Diego, CA 92121
(Address of principal executive offices including zip code)
 
Registrant's telephone number, including area code: (858)-373-1600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 
 
Item 3.01  Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
 
On July 10, 2008, InfoSonics Corporation, (the “Company”) received a Nasdaq Staff Deficiency letter indicating that, for the last thirty consecutive business days, the bid price for the Company’s common stock has closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Stock Market under Nasdaq Marketplace Rule 4450(a)(5). In accordance with Nasdaq Marketplace Rule 4450(e)(2), the Company has been provided an initial period of 180 calendar days, or until January 6, 2009, to regain compliance. The letter states that the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 4450(a)(5) if at any time before January 6, 2009, the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of ten consecutive business days, although the letter also states that the Nasdaq staff has discretion to require compliance for a period in excess of ten consecutive business days, but generally no more than twenty consecutive business days, under certain circumstances.
 
The Company intends to monitor the bid price of its common stock and consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with Nasdaq’s minimum bid price rule by January 6, 2009.
 
If the Company does not regain compliance with Rule 4450(a)(5) by January 6, 2009, the Nasdaq staff will provide written notification that the Company’s securities will be delisted. In the event of such a notification, InfoSonics may appeal the Staff’s determination to delist its securities, or alternatively InfoSonics may apply for a transfer of its securities to the Nasdaq Capital Market. There can be no assurance the Staff will grant the Company's request for continued listing nor the application for transfer to the Nasdaq Capital Market. As of today InfoSonics meets the Nasdaq Capital Market initial inclusion criteria.
 
A copy of the press release announcing the Company’s receipt of the Nasdaq Staff Deficiency letter is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
 
Item 9.01 Financial Statements and Exhibits.
   
Exhibit No.
Description
   
99.1
Press release dated July 11, 2008.

 
 

 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
     
  InfoSonics Corporation
 
 
 
 
 
 
Date: July 11, 2008 By:   /s/ Jeffrey Klausner
 

Jeffrey Klausner
Chief Financial Officer
 
 
 
 

 


 
EXHIBIT INDEX
 
Exhibit No.
Description
   
99.1
Press release dated July 11, 2008
EX-99.1 2 v119754_ex99-1.htm
 
         
 
4350 Executive Drive, Suite 100 San Diego, CA 92121
 858-373-1600 
 www.infosonics.com
 
  
Company Contact:
IR Contact:
Jeffrey A. Klausner
Todd Kehrli or Mary Magnani
Chief Financial Officer
MKR Group, Inc.
(858) 373-1600
(323) 468-2300
ir@infosonics.com
ifon@mkr-group.com
 
INFOSONICS RECEIVES LETTER FROM NASDAQ REGARDING NON-
COMPLIANCE WITH MINIMUM BID PRICE RULE

SAN DIEGO, CA, July 11, 2008 - InfoSonics Corporation (NASDAQ: IFON), one of the premier providers and distributors of wireless handsets and accessories serving Latin America, announced today that it received a Nasdaq Staff Determination letter (the "Notice") dated July 10, 2008 indicating that InfoSonics fails to comply with the minimum bid price requirement for continued listing set forth in Marketplace Rule 4450(a)(5) (the "Rule"). Therefore, in accordance with Marketplace Rule 4450(e)(2), InfoSonics has been provided 180 calendar days, or until January 6, 2009, to regain compliance. If, at anytime before January 6, 2009, the bid price of InfoSonics’ common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, InfoSonics will have regained compliance with the Rule.
The Notice also states that if InfoSonics does not regain compliance with the Rule by January 6, 2009, Nasdaq Staff will provide InfoSonics written notification that its securities will be delisted. In the event of such a notification, InfoSonics may appeal the Staff’s determination to delist its securities, or alternatively InfoSonics may apply for a transfer of its securities to the Nasdaq Capital Market. There can be no assurance the Staff will grant the Company's request for continued listing nor the application for transfer to the Nasdaq Capital Market. As of today InfoSonics meets the Nasdaq Capital Market initial inclusion criteria.
The Notice arises as a result of the fact that for the last 30 consecutive business days, the bid price of InfoSonics common stock has closed below the minimum $1.00 per share requirement for continued inclusion under the Rule.
About InfoSonics Corporation

InfoSonics is one of the premier providers and distributors of wireless handsets and accessories serving Latin America. For the wireless telecommunications industry, InfoSonics provides flexible and cost effective solutions, including product assembly, purchasing, marketing, selling, warehousing, order assembly, programming, packing, shipping, and delivery. InfoSonics supports manufacturers in moving their products to agents, resellers, distributors, independent dealers, retailers and wireless network operators in Latin America. For additional information, please visit www.infosonics.com.

 
 

 
Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
 
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include statements that refer to the Company's intentions to take actions required to regain compliance with the listing standards of The Nasdaq Global Market, the form, timing and effect of any such actions, and the Company's ability to regain compliance. Readers are cautioned that actual events that occur could differ materially from those expressed in or contemplated by the forward-looking statements. Factors that could cause actual events to differ include, but are not limited to, events and developments affecting the Company's per share stock price that may affect its ability to achieve the minimum bid price requirement, the Company's ability to regain compliance with the minimum bid price listing requirement, the Company's ability to continue to meet the other Nasdaq listing requirements, which could result in the delisting of the Company's common stock even if it achieved compliance with the minimum bid price requirement, the Company's ability to successfully appeal a delisting determination by Nasdaq, and the Company's ability to transfer its listing to The Nasdaq Capital Market. In addition, please refer to the risk factors contained in the Company's SEC filings available at www.sec.gov, including without limitation, the Company's annual report on Form 10-K for the year ended December 31, 2007 and InfoSonics' quarterly reports on Form 10-Q for the quarter ended March 31, 2008. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. InfoSonics undertakes no obligation to update or revise any forward-looking statements for any reason.
 


 
###
 

 

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-----END PRIVACY-ENHANCED MESSAGE-----