Spire At Risk of Being Delisted

On 30 December 2011, Spire received a notice from NASDAQ "advising" the company that is was violating the Minimum Bid Price Rule (penny stock) and the Minimum Pulic Market Value Rule ($15 million). The company had until 26 June 2012 to remedy the rule violations.

On 27 June 2012, received a notice from NASDAQ saying they are violation of the "minimum value" rules again.

SPIR closed on 02012.06.29 at $0.60 (well below a buck) giving Spire Corp. a market value of ~$5.09 million (well below $15 million).

SPIR has a grocery store-like PSR (Price Sales Ratio) of 0.1.

There are ~8.56 million shares outstanding with ~26.31% closely held giving SPIR a thin float of ~6.23 million.

SPIR 52-week range on 02012.07.01: $0.38 - $2.66.

Spire reported 1Q'12 results on 02012.05.10 (i.e. almost two months ago).

"We anticipate the softness in the solar industry to continue for a while longer. However, the bottom in equipment spending is expected to occur sometime toward the end of 2012, as manufacturers begin capital improvement programs including equipment updates and expansion. Market researchers predict a return to double digit growth sometime in 2013 that would extend for at least the next several fiscal years. We are positioned to capitalize on this projected growth with the recent introduction of our newest simulator, the Spi-Sun SimulatorTM 5600SLP and new Spi-AssemblerTM 8000. We are also combining our solar product lines by offering systems capabilities to our manufacturing line customers."

Spire is in a tough spot because implementing a reverse stock split does not do anything to change the company's market value.