Fossil Inc announced that it plans to request a hearing before the Nasdaq Listing Qualifications Panel following the receipt, on November 20, 2006, of a Nasdaq Staff Determination notice indicating that the Company is not in compliance with Nasdaq Marketplace Rule 4310(c)(14), and that its securities are therefore subject to delisting.
The letter was issued in accordance with Nasdaq procedures because the Company did not timely file its Quarterly Report on Form 10-Q for the period ended October 7, 2006. There can be no assurance that the Panel will grant the Company's request for continued listing. Pending a decision by the Panel, the Company's common stock will remain listed on The Nasdaq Global Select Market.
The Company has previously announced that a Special Committee of the Board of Directors is voluntarily reviewing the Company's equity granting practices. As a result of this review, the Company has delayed filing its report on Form 10-Q for the fiscal quarter ended October 7, 2006.
The Company plans to become current on its periodic reports required under the Securities and Exchange Act of 1934, as amended, as soon as practical following the completion of the Special Committee's review.
marketing@alchempro.com
