NEWARK, Calif., – May 10, 2016 – Socket Mobile, Inc. (OTC: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today announced it has filed an application for listing on the NASDAQ Capital Market® with the NASDAQ Listings Qualifications staff.
Kevin Mills, president and chief executive officer, commented, “We are looking forward to being listed on the NASDAQ Capital Market. The success of our data capture business over the past several years has improved our operating results and strengthened our balance sheet to meet the NASDAQ Capital Market listing standards. Trading on the NASDAQ Capital Market Exchange will greatly improve visibility about the Company, and allow us to meet the investment criteria for a larger number of investors,” Mills concluded.
At the time of filing and based on its financial statements for the quarter ended March 31, 2016, the Company believes it meets the financial and liquidity requirements for listing on the Nasdaq Capital Market under the net income standard. The primary minimum financial and liquidity requirements under the net income standard are stockholders’ equity of $4.0 million, market value of publicly held shares of $5 million, net income from continuing operations of $750,000 in the latest full fiscal year, publicly held shares of one million, round lot shareholders of 300, three market makers, and a closing share price for five consecutive days of $3.00 per share.
The Company must also meet NASDAQ governance standards for public companies including a board with a majority of independent directors, meeting NASDAQ standards for the composition and duties of its audit, compensation and nominating committees, having a code of conduct, holding an annual meeting of stockholders, and avoiding conflicts of interest.
About Socket Mobile:
Founded in 1992, Socket Mobile is a leading innovator of data capture and delivery solutions for enhanced productivity in retail point of sale, field service, healthcare, and other mobile markets. Socket Mobile’s revenue is primarily driven by the deployment of third party barcode enabled mobile applications that integrate Socket Mobile’s cordless barcode scanners. Socket Mobile has a robust network of over 1,400 developers registered to use its software developer’s kit to add sophisticated barcode scanning to mobile applications. Socket Mobile is headquartered in Newark, Calif.
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