SPACEHAB REGAINS NASDAQ COMPLIANCE WITH SHAREHOLDERS’ EQUITY AND BID PRICE LISTING REQUIREMENTS
Houston, TX (January 3, 2008) -
SPACEHAB, Incorporated, (NASDAQ: SPAB) a provider of commercial space services, announced today that it has received notice from the NASDAQ Stock Market that the Company has regained compliance with Marketplace Rules 4310(c)(4) and 4310(c)(3), relating to the maintenance of a minimum $1.00 bid price and $2.5 million minimum shareholders’ equity requirements, respectively.
In accordance with NASDAQ Marketplace Rules, the Company was required to evidence a closing bid price of at least $1.00 per share for ten consecutive trading days which it completed on December 12, 2007. Further, the Company regained compliance with the minimum stockholders’ equity requirement as a result of a recently completed exchange offer of notes for equity.
Additionally, NASDAQ had previously notified the Company that it was not in compliance with the NASDAQ independent director and audit committee requirements. Consistent with Marketplace Rule 4350(c)(1), which requires that a majority of the board of directors consist of independent directors, and 4350(d)(4) requiring the participation of three independent directors on the audit committee, NASDAQ will provide the Company a cure period in order to regain compliance until the earlier of the Company’s next annual shareholder’s meeting, or October 16, 2008; or, if the next annual shareholder’s meeting is held before April 14, 2008, then SPACEHAB must evidence compliance no later than April 14, 2008.
“Compliance with NASDAQ listing requirements has been an overall company goal while we complete our financial and operational restructuring,” said Thomas B. Pickens, III, SPACEHAB, Inc. Chief Executive Officer. “We are proud to have come this far in such a short time as SPACEHAB begins 2008 with many exciting and valuable initiatives. Remaining on NASDAQ is essential to our long term plans and continued restructuring,” he said.
About SPACEHAB, Incorporated
SPACEHAB is a commercial leader and entrepreneurial force in the space industry providing a full spectrum of products and services to both the government and private sectors. The Company offers space access and payload integration services, production of valuable commercial products in space, spacecraft pre-launch processing facilities and services, development and extension of space-based products to the consumer market, and program and engineering support ranging from development and manufacturing of flight hardware to large scale government project management.
The statements in this document may contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, continued government support and funding for key space programs, product performance and market acceptance of products and services, as well as other risk factors and business considerations described in the company's Securities & Exchange Commission filings including the annual report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. The Company assumes no obligation to update these forward-looking statements.
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