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8-K - CURRENT REPORT - LIGHTPATH TECHNOLOGIES INC | lpth_8k.htm |
Exhibit 99.1
For Immediate Release
LightPath Technologies Regains Compliance with Nasdaq Minimum Bid
Price Listing Requirement
ORLANDO,
FL – February 26, 2020 – LightPath
Technologies, Inc. (NASDAQ: LPTH) (“LightPath,”
the “Company,” or “we”), a leading
vertically integrated global
manufacturer, distributor and
integrator of
proprietary optical
and infrared components and high-level
assemblies, today announced that it has received a letter
dated February 24, 2020 from The Nasdaq Stock Market LLC
(“Nasdaq”) notifying the Company that it has regained
compliance with the minimum bid price requirement under Nasdaq
Listing Rule 5550(a)(2) (the “Bid Price
Rule”).
The
letter noted that (i) the Company’s Class A common stock had
a closing bid price of at least $1.00 for a minimum of ten
consecutive trading days from February 7, 2020 to February 21,
2020, and (ii) the Company has regained compliance with the Bid
Price Rule. Accordingly, Nasdaq considers the matter
closed.
About LightPath Technologies
LightPath
Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically
integrated provider of optics, photonics and infrared solutions for
the industrial, commercial, defense, telecommunications, and
medical industries. LightPath designs, manufactures, and
distributes proprietary optical and infrared components including
molded glass aspheric lenses and assemblies, infrared lenses and
thermal imaging assemblies, fused fiber collimators, and
proprietary Black
DiamondTM (“BD6”)
chalcogenide-based glass lenses. LightPath also offers custom
optical assemblies, including full engineering design support. The
Company is headquartered in Orlando, Florida, with manufacturing
and sales offices in Latvia and China.
LightPath’s
wholly-owned subsidiary, ISP Optics
Corporation, manufactures
a full range of infrared products from high performance MWIR and
LWIR lenses and lens assemblies. ISP’s infrared lens assembly
product line includes athermal lens systems used in cooled and
un-cooled thermal imaging cameras. Manufacturing is performed
in-house to provide precision optical components including
spherical, aspherical and diffractive coated infrared lenses.
ISP’s optics processes allow it to manufacture its products
from all important types of infrared materials and crystals.
Manufacturing processes include CNC grinding and CNC polishing,
diamond turning, continuous and conventional polishing, optical
contacting and advanced coating technologies.
For
more information on LightPath and its businesses, please visit
www.lightpath.com.
Forward-Looking Statements
This news release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including statements regarding our ability to expand our presence
in certain markets, future sales growth, continued improvements in
our financial results,and implementation of new distribution
channels. This information may involve risks and uncertainties that
could cause actual results to differ materially from such
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, factors
detailed by LightPath Technologies, Inc. in its public filings with
the Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K. Except as required under the federal
securities laws and the rules and regulations of the Securities and
Exchange Commission, we do not have any intention or obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
Contacts:
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Jim Gaynor, President & CEO
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Donald
O. Retreage, Jr., CFO
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Jordan
Darrow
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LightPath Technologies, Inc.
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LightPath
Technologies, Inc.
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Darrow
Associates
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Tel: 407-382-4003
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Tel:
407-382-4003 x329
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Tel:
512-551-9296
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jgaynor@lightpath.com
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dretreage@lightpath.com
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jdarrow@darrowir.com
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