Ailing Milwaukee headphone manufacturer Koss Corp. plans to move from the NASDAQ Global Market to the NASDAQ Capital Market to avoid being delisted.
The company said it is making the move to save on future costs and because it would immediately meet the Capital Market listing requirements.
Koss received notice from NASDAQ on Oct. 20 that it has not met the Global Market’s requirements that it maintain a minimum market value of publicly held shares of $5 million for the past 30 consecutive days. It was given until April 20 to correct the situation, but opted instead to apply to transfer its securities to the Capital Market.
The company plans to submit the application this quarter, and the transfer could happen as quickly as 10 business days from the submittal date.
Koss reported a fiscal 2015 first quarter net loss of $94,998, or a 1 cent loss per share, compared with net income of $79,402, or 1 cent per share, in the first quarter of 2014. Revenue was $5.5 million, down from $6.8 million in the same period a year ago.