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GSI Group Inc., a developer of laser-based technologies, has received a delisting notice from the Nasdaq Stock Market, this time for failing to maintain the exchange’s minimum stock-price threshold of $1 per share for 30 consecutive business days. The notice was GSI’s third delisting notice this year.
In August, Bedford-based GSI (Nasdaq: GSI) said it received a second non-compliance notice from the Nasdaq over its delayed financial filings for the quarter ended July 3. The company was issued another delisting notice earlier in the year stemming from the delayed filing of annual and quarterly financial reports, as well as GSI’s ongoing probe into revenue booked between 2004 and 2008.
The company’s internal audits have delayed its financial reporting for multiple periods over that four-year span.
The most recent delisting notice was received Sept. 16. GSI said it has 180 calendar days to regain compliance by boosting its share price to above $1 for 10 consecutive business days.
The company may appeal the Nasdaq’s delisting proceedings, should the company fail to regain pricing compliance.
In May, GSI reported that it implemented pay reductions of 20 percent for the CEO and other executives, temporary pay reductions for others, reduced work weeks, work furloughs and realigned benefits packages, in order to cut costs and save about $5 million.
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