Price of Violin Memory Share at Less Than $1.00 Over 30 Days

Violin Memory, Inc. received notification on January 8, 2016 from the New York Stock Exchange (NYSE) that the price of its common stock has fallen below the NYSE’s continued listing standard, which requires the average closing price of a listed company’s common stock to be at least $1.00 per share over a consecutive 30-day trading period.

The company plans to timely notify the NYSE that it intends to cure the deficiency. The company has six months following the receipt of the non-compliance notice to cure the deficiency and regain compliance with the NYSE continued listing requirements. During the cure period, Violin Memory common stock will continue to be listed and traded on the NYSE, subject to compliance with the other listing standards. The NYSE notification does not conflict with or violate any of the company’s credit or debt obligations.

If Violin determines to remedy the non-compliance by taking action that will require shareholder approval, such as a reverse stock split, the NYSE will continue to list Violin’s common stock pending shareholder approval no later than Violin’s next annual meeting of shareholders and the implementation of such action promptly thereafter.

“Our stock price remains at a level that we do not believe reflects the true value of our business and developed technology,” said Kevin DeNuccio, president and CEO, Violin Memory. “One year ago, Violin made a strategic shift and product line transition to become a market leader in flash-based primary storage for enterprises with its Flash Storage Platform offering. While this product transition has been challenging, Violin continues to be selected by some of the largest enterprises in the world in their most mission critical applications. We remain focused on completing this product transition and our return to growth. At the same time, we continue to evaluate our strategic alternatives with the guidance of an investment banker, Jefferies LLC.”