Violin Memory to Submit Plan to Restore Compliance With NYSE Continued Listing Requirement

Violin Memory, Inc. received notification on April 27, 2016 from the New York Stock Exchange that Violin Memory’s average global market capitalization over a thirty-day trading period and stockholders’ equity were below the requirement set forth in the NYSE’s continued listing standards.

Violin Memory intends to notify the NYSE within 45 days from receipt of the notification that Violin Memory will submit a plan to the Listings Operations Committee of the NYSE that describes how the company intends, within 18 months, to regain compliance with the continued listing requirements of the exchange.

During the 45-day period, and during the eighteen-month period, if the plan is accepted by the Committee, Violin Memory will be subject to quarterly monitoring for compliance with the plan and Violin’s common stock will continue to be listed and traded on the NYSE, subject to compliance with the other listing standards. If the Committee determines not to accept Violin Memory’s plan, it promptly will initiate procedures to suspend trading in and delist Violin Memory’s common stock. In terms of credit and debt obligations, the NYSE notification does not conflict with or violate any of Violin Memory’s credit or debt obligations.

“Our market capitalization is 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. “Violin Memory remains committed to its strategic shift and product line transition that expands the company’s offering to primary storage while maintaining its performance advantage. As a market leader in flash-based storage for enterprises, Violin’s Flash Storage Platform offering is uniquely positioned to meet the demands of the world’s largest enterprises and support companies’ most critical applications. We expect this customer traction to accelerate our progress and success.”