Bluefly needs to regain compliance with minimum bid price rule
13 Nov '06
2 min read
Bluefly Inc, a leading online retailer of designer brands, fashion trends and superior value announced that it received a notice on November 9, 2006 from the NASDAQ Stock Market indicating that the Company is not in compliance with the continued listing requirements of The NASDAQ Capital Market.
Because, for the previous 30 consecutive business days, the bid price of its Common Stock had closed below the $1.00 minimum per share requirement for continued listing as set forth in Marketplace Rule 4310(c)(4).
The issuance by NASDAQ of such letters is standard procedure when a listed company does not meet the minimum bid price rule.
By NASDAQ rule, Bluefly will be allowed 180 calendar days, or until May 8, 2007, to regain compliance with the minimum bid price rule. The letter from NASDAQ has no effect on the listing of the Company's common stock at this time.
If the company is unable to regain compliance by such date, the NASDAQ Staff will determine whether the company meets the initial listing criteria of the NASDAQ Capital Market.
In the event that it meets such initial listing criteria, it will be granted an additional 180-day grace period to regain compliance.
In order to regain compliance, shares of the company's Common Stock would need to close at a price of $1.00 or more for at least ten consecutive trading days.
In the event that the company does not regain compliance within the requisite time period, it intends to appeal any delisting, although no assurance can be provided that any such appeal will be successful.
marketing@alchempro.com
