Silicon Graphics - History - Final Bankruptcy and Acquisition By Rackable Systems

Final Bankruptcy and Acquisition By Rackable Systems

In December 2008, SGI received a delisting notification from NASDAQ, as its market value had been below the minimum $35 million requirement for 10 consecutive trading days, and also did not meet NASDAQ's alternative requirements of a minimum stockholders' equity of $2.5 million or annual net income from continuing operations of $500,000 or more.

On April 1, 2009, SGI filed for Chapter 11 again, and announced that it would sell substantially all of its assets to Rackable Systems for $25 million. The sale, ultimately for $42.5 million, was finalized on May 11, 2009; at the same time, Rackable announced their adoption of "Silicon Graphics International" as their global name and brand. The Bankruptcy court scheduled continuing proceedings and hearings for June 3 and 24, 2009, and July 22, 2009.

After the Rackable acquisition, Vizworld magazine published a series of six articles that chronicle the downfall of SGI.

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