General Magic Announces Receipt of Delisting Notice From Nasdaq Stock Market
SUNNYVALE, Calif. — September 26, 2002 — General Magic, Inc. (Nasdaq: GMGC) today announced that it received notice from The NASDAQ Stock Market Staff advising that, in accordance with Marketplace Rule 4330(a)(3), General Magic's securities will be delisted from The NASDAQ Stock Market at the opening of business on September 30, 2002 unless it requests a hearing in accordance with the Marketplace Rule 4800 Series. The company does not intend to request a hearing and expects that its securities will be delisted at the opening of business on September 30, 2002.
The NASDAQ letter cited concerns regarding General Magic's September 18 announcement that it would discontinue operations. It also expressed concerns regarding the residual equity interest of the existing listed securities holders and the company's ability to sustain compliance with all requirements for continued listing on The NASDAQ Stock Market.
As previously announced, General Magic's efforts to obtain additional financing or to complete a strategic merger or acquisition have been unsuccessful. As a result, the company has discontinued operations and has initiated an orderly and expeditious liquidation of its business. For those interested in acquiring the assets of General Magic, see www.genmagic.com/company/assets.shtml .
General Magic notes that this press release contains forward-looking statements that speak only as of the date hereof, and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievement to differ materially from any results, performance or achievements expressed or implied by these statements. These include, among others, risks and uncertainties concerning the cessation of General Magic's business, and the adequacy of any proceeds to be recognized upon the sale of the company's assets to satisfy the claims of creditors. For discussion of risks and uncertainties concerning the business and assets of General Magic, please refer to our filings with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K, particularly those for the periods ended December 31, 2001, March 31, 2002 and June 30, 2002.
SOURCE: General Magic, Inc.
CONTACT:
Leslie Green of Stapleton Communications Inc., +1-650-470-0200, for General Magic, Inc.