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Koss Corporation: Koss Submits Compliance Plan to Nasdaq

^{Published on 2009-09-24 15:05:11 - Market Wire}
 

MILWAUKEE, WI--(Marketwire - September 24, 2009) - Koss Corporation (NASDAQ: [ KOSS ]) today announced that it has submitted to Nasdaq its plan to achieve and sustain compliance with Listing Rule 5450(b)(1)(B) pursuant to a potential two-for-one forward stock split. The plan will be reviewed by Nasdaq and, if deemed to be acceptable, Koss would be granted up to 105 calendar days from the date of Nasdaq's notice to Koss that it was out of compliance, to evidence compliance.

Koss believes that a two-for-one forward stock split would increase the number of its publicly held shares sufficiently to comply with the listing rule. There can be no assurance that Nasdaq will accept Koss's plan or that Koss's stock will be split. If the plan is not accepted, Koss will be permitted to appeal that decision to a Nasdaq Listing Qualifications Panel.

On September 16, 2009, Koss announced that it had received a notice from Nasdaq indicating that it no longer meets the minimum 750,000 publicly held shares requirement for The Nasdaq Global Market under Listing Rule 5450(b)(1)(B). If Koss is unsuccessful in maintaining its Nasdaq listing, then Koss may pursue listing and trading of Koss's common stock on the Over-The-Counter Bulletin Board or another securities exchange or association with different listing standards than Nasdaq.

Koss Corporation markets a complete line of high-fidelity stereophones, speaker-phones, computer headsets, telecommunications headsets, active noise canceling stereophones, wireless stereophones, and compact disc recordings of American Symphony Orchestras on the Koss Classics label.

This press release contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "forecasts," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions. Actual events or results may differ materially. In evaluating forward-looking statements, you should specifically consider various factors that may cause actual results to vary from those contained in the forward-looking statements, such as general economic conditions, in particular, consumer demand for Koss's and its customers' products, competitive and technological developments, foreign currency fluctuations, and costs of operations. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and Koss undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. In addition, such uncertainties and other operational matters are discussed further in Koss's quarterly and annual filings with the Securities and Exchange Commission.