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ROSS DODGES NASDAQ BULLET, GETS CONDITIONAL APPROVAL

Ross Technology Inc, the SPARC chipmaker that ran afoul of the Nasdaq National Market for failing to meet its net tangible asset requirements, appears to have won in its struggle to avoid the de-listing it was threatened with last month (CI No 3,223). Following a $50m funding agreement with majority owner Fujitsu Ltd (CI No 3,245), Nasdaq has conditionally approved Ross for continued listing. Ross must close the financing transaction with Fujitsu by September 30 and make a public filing with the Securities and Exchange Commission before October 3 reporting the closing of the transaction and including a balance sheet which proves that after the recapitalization, Ross meets Nasdaq’s assets requirements.

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CBR Staff Writer

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