Optical component and semiconductor supplier GigOptix Inc. (OTCBB:GGOX) has filed a Form 8-K with the Securities Exchange Commission as part of its march towards listing on NYSE Amex. The form provides details of certain conditions GigOptix must meet before it can move trading of its shares to the exchange.
NYSE Amex conditionally approved GigOptix’s application to move trading of its shares from over the Over the Counter Bulletin Board to NYSE Amex this past May (see "GigOptix nears NYSE Amex listing"). Some of those conditions are now part of the public record, thanks to the Form 8-K. Those conditions include:
- Completion of GigOptix’s acquisition of RF technology supplier Endwave Corp. (see “GigOptix to expand into wireless with Endwave acquisition”). This condition has been met.
- The trading price of the company’s common stock must remain at or above $2.00 per share for at least 10 consecutive trading days. GigOptix also must maintain a market capitalization of $50 million and a public float of $15 million during that time. This review period could be lengthened or shortened, depending upon how well the company meets these requirements.
A source at GigOptix says the period of consecutive trading days began June 17, the day the company attained the $50 million market capitalization. However, the source stressed that NYSE Amex had the right to shrink or expand the number of days the company's performance would be under review.
GigOptix plans to use the symbol "GIG" if it gains listing rights on NYSE Amex.