Friday, October 3, 2008

RF Monolithics Gets NASDAQ Warning, Adds Board Member

Dallas-based RF Monollithics, a developer of wireless components and modules, said Thursday afternoon that it has received a deficiency letter from the NASDAQ stating that the company is not in compliance with NASDAQ rules. According to the firm, the warning came because the bid price of its common stock had closed below the $1.00 minimum per share requirement for the previous 30 consecutive business days. The deficiency letter is the first step in delisting procedures at the exchange. RF Monolithics said it is considering implementation of various options for the company, if its common stock does not trade at a level that is likely to regain compliance. Separately, RFM said that it has hired on Rick Herman, founding principal of private equity firm The Catalyst Group, to its board. According to RFM, Herman is a former commercial and investment banker.