Violin Memory Receives Notice from NYSE Regarding Continued Listing Requirement

Violin Memory, Inc. received notification on October 14, 2016 from the New York Stock Exchange that the price of its common stock is below the NYSE’s continued listing standard which requires the average closing price of a listed company’s common stock to be at least $1.00 per share over a consecutive 30 trading-day period.

The company plans to timely notify the NYSE that it intends to cure the $1.00 per share deficiency and has six months following the receipt of the non-compliance notice to cure the deficiency and regain compliance with the NYSE continued listing requirement. During the cure period, subject to compliance with the NYSE’s other listing standards, Violin’s common stock will continue to be listed and traded on the NYSE. The NYSE notification does not conflict with or violate any of Violin’s debt obligations.

If the firm determines to remedy the non-compliance by taking action that will require stockholder approval, such as a reverse stock split, the NYSE will continue to list Violin’s common stock, subject to Violin’s continued compliance with other NYSE listing requirements, pending stockholder approval no later than Violin’s next annual meeting of stockholders and the implementation of such action promptly thereafter.

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