Nasdaq Delisting Stock of Spatializer Audio Labs
By agreement with Nasdaq, the common stock of Spatializer Audio Laboratories Inc. has been delisted from trading because of the company’s continued failure to meet the net tangible asset and minimum bid price requirements for continued listing, the Woodland Hills-based company has reported.
The company reported Dec. 2 that Nasdaq had granted it a continued conditional listing and, since that date, its common stock has continued to trade as a conditionally listed security (SPAZ on the OTC Bulletin Board).
Henry R. Mandell, interim chief executive officer of the company confirmed the action, stating, “We have not been able to meet the requirements set by Nasdaq for continued listing within the prescribed time frame. However, we are continuing to pursue the restructuring and recovery plan announced in late September, and believe we will achieve positive results. Several developments are pending, which we expect will have a positive impact on our business and prospects.”
He added, “As a result of the Nasdaq action, we will no longer need to consider a reverse stock split in the imminent future.”
Spatializer Audio Laboratories Inc. is a developer, licensor and marketer of technologies for the consumer electronics, computing and entertainment industries. The company’s audio technology is incorporated into consumer electronics audio, video and DVD products from firms including Toshiba, Panasonic, Hitachi, Sharp, Sanyo and Proton, and in PC multimedia systems and peripherals from Compaq, AST, Dell, Gateway 2000, Fujitsu, Seiko-Epson, NEC, Micron and Labtec.
