RF Micro hits elite list
The Nasdaq Stock Market has named Greensboro's RF Micro Devices to its top tier of companies under its new listing system that began on July 3.
Called the NASDAQ Global Select Market, the tier "has the highest listing standards in the world" according to Nasdaq. Approximately 1,200 companies qualify for this new market tier.
"We're pleased to be added to the more exclusive NASDAQ Global Select Market listing," said Bob Bruggeworth, RFMD's president and CEO. "We expect our inclusion in this new top-tier listing will increase our market visibility as we continue to execute on our strategic growth plan and increase our semiconductor content in cellular handsets and other mobile devices."
The standards for the Global Select Market are higher than those for the Global Market, which continues the criteria previously required of all companies on Nasdaq.
Such requirements include having a majority independent board and an independent audit committee, and independent directors must participate in determining executive officer compensation and the nominees to serve on the board of directors.
RF's shares have had a checkered run, trading below $6 a share early this year, peaking above $9 and sinking back to around $6 recently. The company has shown favorable earnings and expects good growth based on the growth of the cell phone handset market for which it make electronic chips.
Look here for a full list of the Global Select tier.