Spansion Inc.'s Common Stock to Be Delisted From NASDAQ Beginning May 7
2009年5月6日 - 9:30AM
PRニュース・ワイアー (英語)
No significant impact to business SUNNYVALE, Calif., May 5
/PRNewswire-FirstCall/ -- Spansion Inc. (NASDAQ: SPSN), the world's
largest pure-play provider of Flash memory solutions, today
announced that the Company has received notice from NASDAQ that the
last day of trading for Spansion common stock on The NASDAQ Stock
Market will be May 6, 2009, as a result of a delisting
determination which will take effect before trading on May 7, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO) The
Company does not expect the delisting to have any significant
impact to its business. The Company believes it is making progress
on its restructuring plans. With cash balances of $195 million as
of April 27, of which $110 million is in the United States,
Spansion believes it has adequate cash to continue normal business
operations. Recently the Company announced that it plans to pursue
a standalone strategy focused on the embedded solutions market and
Intellectual Property (IP) licensing business, to leverage its
charge-trapping technology, market segment leadership and strong
customer relationships. The Company is also actively pursuing
strategic alternatives for its wireless business. Spansion's
discussions with creditors continue to progress. The Company's goal
is to have creditor and court approval of the restructuring plan by
the fourth quarter. If the restructuring plan is approved, Spansion
will emerge from Chapter 11 and operate without the constraints
currently imposed by the U.S. Bankruptcy Court. During the
restructuring process, the Company plans to continue to provide
business updates via press releases and through its website.
Stockholder voting rights will not be affected by the delisting and
the Company plans to continue to hold its annual stockholder
meeting. The Company's goal is to emerge from its Chapter 11
restructuring process with a sustainable business model aimed at
maximizing recovery for creditors, generating positive free cash
flow and profitability. Additionally, the Company plans to seek a
relisting on one of the major stock exchanges at the appropriate
time after the completion of its restructuring process.
Forward-Looking Statements This release contains forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. In particular,
the press release includes forward-looking statements as to the
impact of the delisting on the Company's business, Company's plans
to file its restructuring plan, the hope to emerge from Chapter 11,
plans to comply with the requirements of the Securities and
Exchange Commission, the ability to effect a stand alone plan, the
ability to successfully pursue strategic alternatives and plans to
seek relisting on one of the major stock exchanges. Investors are
cautioned that these forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those statements. Forward-looking statements are made as of
the date of this press release and, except as required by law,
Spansion does not undertake an obligation to update its
forward-looking statements to reflect future events or
circumstances. About Spansion Spansion (NASDAQ:SPSN) is a leading
Flash memory solutions provider, dedicated to enabling, storing and
protecting digital content in wireless, automotive, networking and
consumer electronics applications. Spansion, previously a joint
venture of AMD and Fujitsu, is the largest company in the world
dedicated exclusively to designing, developing, manufacturing,
marketing, selling and licensing Flash memory solutions. For more
information, visit http://www.spansion.com/. Spansion(R), the
Spansion logo, MirrorBit(R), MirrorBit(R) Eclipse(TM), ORNAND(TM),
ORNAND2(TM), HD-SIM(TM), EcoRAM(TM) and combinations thereof, are
trademarks of Spansion LLC in the United States and other
countries. http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO
http://photoarchive.ap.org/ DATASOURCE: Spansion Inc. CONTACT:
Press, Courtney Brigham, +1-408-306-8927, or Investors, Ken
Tinsley, +1-408-616-7837, both of Spansion Inc. Web Site:
http://www.spansion.com/
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