Irvine’s Lantronix Inc., a maker of networking gear for industrial uses, on Wednesday received a delisting notice from the Nasdaq exchange after it failed to boost its stock above $1 per share.
Lantronix was initially notified on Dec. 26, 2007, by Nasdaq after its stock closed at less than $1 per share for 30 consecutive days.
The company had until June of last year to get back into compliance.
The exchange gave Lantronix several extensions beyond that. The most recent one expired last week.
The company can appeal the delisting decision in front of a panel or request approval for a reverse stock split.
Lantronix makes small electronic devices that allow vending machines, thermostats, retail terminals, ATMs and other machines to be accessed via the Internet or other computer.
It’s recovering from a big turnaround headed by Chief Executive Jerry Chase, who was brought on board last year after an executive shakeup and a settlement with the Securities and Exchange Commission.
Chase headed a big round of job cuts and other cost-cutting measures. Over the past few months he’s been revamping the company’s sales teams and installing new managers.
The company, which isn’t tracked by analysts, had a recent market value of about $38 million.
For the 12 months through June, Lantronix reported a profit of $19,000 on sales of $49 million.
