EX-99.25 2 pxpldelistreason.txt Delisting Determination,The Nasdaq Stock Market, LLC, May 7, 2009, Pixelplus Co. Ltd. The Nasdaq Stock Market, Inc. (the Exchange) has determined to remove from listing the common stock of Pixelplus Co. Ltd. (the Company), effective at the opening of the trading session on May 18, 2009. Based on a review of the information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Marketplace Rule 5550(b)(1). (Rule 5550(b)(1) was enumerated as Marketplace Rule 4320(e)(2)(B) at the time of the determination.) The Company was notified of the Staffs determination on December 22, 2008. The Company requested a review of the Staffs determination before the Listing Qualifications Hearings Panel. Upon review of the information provided by the Company, the Panel issued a decision on February 4, 2009, which determined that the Company did not qualify for inclusion on the Exchange based on its failure to comply with the following Marketplace Rule: 5550(b)(1). Trading in the Companys securities was suspended on February 6, 2009. The Company did not request a review of the Panels decision by the Nasdaq Listing and Hearing Review Council. The Listing Council did not call the matter for review. The Panels Determination to delist the Company became final on March 23, 2009.