UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): March 18, 2014
IKANOS COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 000-51532 | 73-1721486 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) | ||
| 47669 Fremont Boulevard Fremont, CA |
94538 | |||
| (Address of principal executive offices) | (Zip Code) | |||
(510) 979-0400
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)) |
| Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On March 18, 2014, Ikanos Communications, Inc. (the “Company”) received notification from The NASDAQ Stock Market LLC (“NASDAQ”) indicating that the Company is not in compliance with Nasdaq Marketplace Rule 5550(a)(2), which Rule provides that securities listed by NASDAQ must maintain a minimum closing bid price of $1.00 per share and that based upon the closing bid price for the Company’s securities for the last 30 consecutive business days, the Company no longer meets this requirement.
NASDAQ further notified the Company that, in accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company will be provided 180 calendar days, or until September 15, 2014, to regain compliance by achieving a closing bid price of the Company’s securities of at least $1.00 per share for a minimum of ten consecutive business days at any time during the 180 calendar day period. However, there can be no guarantee that the Company will be able to regain compliance with the continued listing requirement of Nasdaq Marketplace Rule 5550(a)(2) within the 180 calendar day period.
In the event the Company does not regain compliance by September 15, 2014, NASDAQ also notified the Company that it may be eligible for a second 180 calendar day compliance period provided that the Company continues to meet the continued listing requirements of NASDAQ, with the exception of the bid price requirement, and provides written notice of the Company’s intention to cure the deficiency during the second 180 calendar day compliance period. Even if granted a second 180 calendar day compliance period, there can be no guarantee that the Company will be able to regain compliance with the continued listing requirement of Nasdaq Marketplace Rule 5550(a)(2) within the second 180 calendar day compliance period.
The Company intends to actively monitor the closing bid price for its securities through September 15, 2014 and, during this period, will weigh its available options to resolve the deficiency and regain compliance with Nasdaq Marketplace Rule 5550(a)(2).
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 21, 2014
| IKANOS COMMUNICATIONS, INC. | ||
| By: | /S/ DENNIS BENCALA | |
| Dennis Bencala | ||
| Chief Financial Officer and Vice President of Finance | ||
3