EX-99.25 2 dlgcdelistreason.txt Delisting Determination,The Nasdaq Stock Market, LLC, July 9, 2013, Dialogic, Inc. The Nasdaq Stock Market, Inc. (the Exchange) has determined to remove from listing the common stock of Dialogic, Inc. (the Company), effective at the opening of the trading session on July 19, 2013. Based on review of information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rule 5450(b)(2&3)(C). The Company was notified of the Staffs determination on December 26, 2012. The Company appealed the determination to a Hearing Panel. Upon review of the information provided by the Company, the Panel issued a decision dated March 15, 2013, granting the Company continued listing pursuant to an exception through April 15, 2013, by which date the Company was required to regain compliance with Listing Rule 5450(b)(2&3)(C). However, the Company did not regain compliance by that date. On April 15, 2013, the Panel issued a final delisting determination and notified the Company that trading in the Companys securities would be suspended on April 17, 2013. 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 May 30, 2013.