EX-99.1
Published on November 17, 2015
Exhibit 99.1
For further information, contact: | ||
John Spencer Ahn | Sue Kim | |
Investor Relations | Media Relations | |
408-222-7544 | 408-222-1942 | |
johnahn@marvell.com | suekim@marvell.com |
Marvell Technology Group Ltd. Announces Filing of Compliance Plan with NASDAQ Stock Market
And Announces Plans to Issue Preliminary Financial Information for the Third Fiscal Quarter
Santa Clara, Calif. (November 17, 2015) Marvell Technology Group Ltd. (NASDAQ: MRVL) announced today that on November 12, 2015 it submitted a compliance plan to The NASDAQ Stock Market (NASDAQ) to support its request for an extension of time to March 8, 2016 to regain compliance with continued listing requirements. Pursuant to NASDAQ rules, Marvells securities will remain listed on the NASDAQ Global Select Market pending NASDAQs review of the compliance plan. Marvell intends to take all necessary steps to achieve compliance with the NASDAQ continued listing requirements as soon as practicable.
Marvell also announced that it currently anticipates issuing preliminary financial information for the third fiscal quarter ended October 31, 2015 by early December 2015.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements. Words such as anticipates, expects, intends, plans, believes, seeks, estimates, may, will, should, and their variations identify forward-looking statements. These statements are not guarantees of results and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, but are not limited to,
the outcome of NASDAQs review of Marvells compliance plan and the timing and outcome of any NASDAQ decision, Marvells ability to regain compliance with its SEC reporting obligations within the time of any exemption granted by NASDAQ, and Marvells ability to release preliminary unaudited financial information for the third quarter of fiscal 2016. For other factors that could cause actual results to vary from expectations, please see the sections titled Risk Factors in Marvells quarterly report on Form 10-Q for the fiscal quarter ended May 2, 2015 and other factors detailed from time to time in Marvells filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.
About Marvell
Marvell (NASDAQ: MRVL) is a global leader in providing complete silicon solutions and Kinoma® software enabling the Smart Life and Smart Lifestyle. From storage to Internet of Things (IoT), cloud infrastructure, digital entertainment and in-home content delivery, Marvells diverse product portfolio aligns complete platform designs with industry-leading performance, security, reliability and efficiency. At the core of the worlds most powerful consumer, network and enterprise systems, Marvell empowers partners and their customers to always stand at the forefront of innovation, performance and mass appeal. By providing people around the world with mobility and ease of access to services adding value to their social, private and work lives, Marvell is committed to enhancing the human experience.
As used in this release, the term Marvell refers to Marvell Technology Group Ltd. and its subsidiaries. For more information, please visit www.Marvell.com.