SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) AUGUST 30, 2002
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CROSSROADS SYSTEMS, INC.
(Exact name of registrant as specified in charter)
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DELAWARE 000-30362 74-2846643
(State of incorporation or organization) (Commission File Number) (IRS Employer Identification No.)
8300 NORTH MOPAC EXPRESSWAY, AUSTIN, TEXAS 78759
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code (512) 349-0300
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NONE
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(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
Crossroads Systems, Inc. received notice from NASDAQ on August 30, 2002
that for 30 consecutive trading days the bid price of our common stock closed
below the minimum $1.00 per share required for continued inclusion on the NASDAQ
National Market, as set forth in Marketplace Rule 4450(a)(5).
In accordance with NASDAQ Marketplace Rules,. the notice specified that
unless our common stock closes at a bid price of $1.00 per share or greater for
a minimum of ten consecutive trading days by November 29, 2002, NASDAQ would
provide us with notice at that time of their intent to de-list our stock from
the NASDAQ National Market. Crossroads would have an opportunity to appeal any
de-listing notification received at that time.
If we are unable to regain compliance prior to November 29, 2002, we
may apply for listing on the NASDAQ SmallCap Market, which, if approved, makes
available an additional 90 calendar day SmallCap Market grace period, or until
February 26, 2003, to regain compliance. Crossroads may also then be eligible
for an additional 180 day grace period, or until August 25, 2003, to demonstrate
compliance provided that we meet the additional NASDAQ listing criteria for the
SmallCap Market. Furthermore, we may be eligible to transfer back to the NASDAQ
National Market if, by August 25, 2003, we maintain the $1.00 per share closing
bid price requirement for 30 consecutive trading days as well as all other
continued listing requirements.
Our management is evaluating all available options in order to regain
full compliance with the NASDAQ listing requirements.
1.
SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
CROSSROADS SYSTEMS, INC.
Date: October 4, 2002 By: /s/ Brian R. Smith
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Brian R. Smith
Chairman, President and Chief
Executive Officer