Shares of Newport Beach chipmaker Conexant Systems Inc. dropped Friday after the company received a notice from Nasdaq officials threatening to de-list the stock.
The stock fell more than 5% on a recent market value of about $320 million.
Conexant is no longer in compliance with Nasdaq’s rules because its stock has traded under a dollar for the past 30 days, according to a company statement.
To regain compliance, Conexant’s shares must trade at more than a dollar for at least 10 consecutive days by July 28, Nasdaq officials said.
The company said it “intends to take actions required to regain compliance.”
Conexant’s shares have fallen by more than 60% in the past 12 months.
The company has been undergoing a major restructuring program since Chief Executive Dan Artusi took the helm last year.
