Carver Corporation Announces the Resignation of Three Directors
Carver Corp. also announced that it has been notified by the Nasdaq Stock Market that the company's common stock will be delisted at the opening of business on March 27, 1998. Nasdaq's delisting notification is based on its review of the price data covering the 10 consecutive trade dates prior to December 22, 1997, and its determination that Carver Corp.'s common stock has failed to maintain a closing bid price greater than or equal to $1. For continued listing on the Nasdaq National Market, the common stock must maintain a minimum bid price of $1 or, as an alternative if the bid price is less than $1, maintain net tangible assets of $4 million and a market value of the public float of at least $3 million. Based on the shares outstanding of its Common Stock, the market value of Carver Corp.'s public float on January 27, 1998 was less than $3 million. Following delisting, the company expects its common stock to trade in the over-the-counter market on the electronic bulletin board of the National Association of Securities Dealers, Inc.
For the past 20 years, Carver has been designing, developing, manufacturing, and marketing audio and home-theater products to the mid- to high-end audio entertainment systems market.