Parlux Fragrances Inc announced that due to the delay in filing its Form 10-K for the period ended March 31st 2006, the company has received a letter from The Nasdaq Stock Market indicating that the company's common stock is subject to delisting pursuant to Nasdaq Marketplace Rule 4310(c)(14).
Nasdaq Marketplace Rule 4310(c)(14) requires the company to file all reports with the Securities and Exchange Commission on a timely basis, as required by the Securities Exchange Act of 1934, as amended.
Parlux will request a hearing before the Nasdaq Listing Qualifications Panel, thereby automatically deferring the delisting of its common stock pending the Panel's review and determination. Until the Panel issues a determination and the expiration of any exception granted by the Panel, Parlux's common stock will continue to be traded on The Nasdaq National Market. However, as a result of the delayed filing of its Form 10-K, the trading symbol for the Company's common stock will be changed from PARL to PARLE.
As announced on June 29th 2006, Parlux has delayed filing its Annual Report on Form 10-K until completion of management's assessment of the internal controls and reporting requirements under Section 404 of the Sarbanes-Oxley Act of 2002 ('SOX').
Parlux intends to file its Form 10-K for the fiscal year ended March 31st 2006 as soon as practicable following completion of the SOX assessment and reporting processes, including those of the company's independent auditors.
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