Marvell Will not Meet Terms of Previously Nasdaq Granted Extension

Marvell Technology Group Ltd. announced that, as a result of the previously announced delayed filings of its Forms 10-Q for the second and third quarters of fiscal 2016, Marvell received notice that the Listing Qualifications Staff of The NASDAQ Stock Market LLC had determined that Marvell will not meet the terms of the previously granted extension, which expires on March 8, 2016, and by which date Marvell was required to evidence compliance with Nasdaq Listing Rule 5250(c)(1), which requires the timely filing of all required periodic reports with the SEC.

Marvell intends to request a hearing before the Nasdaq Hearings Panel on or before March 11, 2016 to request a further extension. The panel has the authority to grant Marvell an extension of up to 360 days from the due date of the first missed periodic report, or September 5, 2016.  

Such request will automatically stay any suspension or delisting action until March 28, 2016, and the company will request a further stay of any suspension or delisting action pending the issuance of the Panel decision following the hearing.

The panel will notify Marvell no later than March 28, 2016 whether its request for a stay of suspension or delisting action pending the hearing has been granted.  

Marvell is working diligently to complete and file the Forms 10-Q as soon as possible.

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