Summary
Equinix Inc. (EQIX) filed this 8-K on January 2, 2003, to report on the closing of a significant combination transaction and the status of its Nasdaq listing. The primary event is the completion of a combination with Pihana Pacific, Inc. on December 31, 2002. This transaction involved Equinix acquiring STT Communications Ltd's stake in i-STT Pte Ltd and merging with Pihana Pacific, making Pihana an indirect wholly-owned subsidiary. This strategic move is crucial for Equinix's growth and market position. Furthermore, the report addresses a critical Nasdaq listing issue. Equinix had been notified of potential delisting due to its common stock's closing bid price falling below the $1.00 minimum. While initially facing a delisting threat, the company successfully appealed this decision. The Nasdaq Qualifications Panel allowed Equinix to continue its listing, contingent upon meeting all listing requirements and successfully completing the combination by December 31, 2002. The closing of the combination satisfied this condition, securing Equinix's Nasdaq listing.
Key Highlights
- 1Equinix Inc. completed a major combination transaction with Pihana Pacific, Inc. on December 31, 2002.
- 2The transaction involved the acquisition of i-STT Pte Ltd and the merger with Pihana Pacific, integrating Pihana as an indirect wholly-owned subsidiary.
- 3This combination is a key strategic development for Equinix.
- 4Equinix received confirmation from the Nasdaq Qualifications Panel to continue listing its common stock on The Nasdaq National Market.
- 5The continued listing was contingent on meeting Nasdaq's requirements and completing the Pihana combination by December 31, 2002, which has now been satisfied.
- 6A table detailing the beneficial ownership of certain principal stockholders as of December 31, 2002, is attached as an exhibit, as required by Nasdaq.