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Odimo's securities to be deslited from Nasdaq
05 Aug '06
2 min read
Odimo Incorporated, an online retailer that offers brand name watches and luxury goods through two websites, announced that it received a letter from The Nasdaq Stock Market ("Nasdaq") on August 3, 2006, informing the Company that its securities will be delisted from quotation on The Nasdaq Global Market effective at the opening of business on August 14, 2006.
As previously reported, on May 2, 2006 Nasdaq informed the Company that its common stock had not maintained a minimum value of publicly held shares of $5,000,000 over the previous 30 consecutive trading days, and, as a result, did not comply with Marketplace Rule 4450(a)(2).
In accordance with Marketplace Rule 4450(e)(1), the Company was provided 90 calendar days, or until July 31, 2006 to regain compliance with the rule.
The Company did not regain compliance and accordingly Nasdaq has determined to delist the Company's securities from quotation on The Nasdaq Global Market.
The Company expects to be eligible for quotation on the OTC Bulletin Board through one or more market makers. The OTC Bulletin Board is a regulated quotation service that displays real-time quotes, last sale prices and volume information in over-the-counter securities.
If the Company's common stock is not quoted on the OTC Bulletin beginning on August 14, 2006, the common stock will trade in the "Pink Sheets" beginning on August 14, 2006. No assurance can be given that market makers currently making a market in the common stock will continue to make a market in the common stock.
As previously reported, on May 2, 2006 Nasdaq informed the Company that its common stock had not maintained a minimum value of publicly held shares of $5,000,000 over the previous 30 consecutive trading days, and, as a result, did not comply with Marketplace Rule 4450(a)(2).
In accordance with Marketplace Rule 4450(e)(1), the Company was provided 90 calendar days, or until July 31, 2006 to regain compliance with the rule.
The Company did not regain compliance and accordingly Nasdaq has determined to delist the Company's securities from quotation on The Nasdaq Global Market.
The Company expects to be eligible for quotation on the OTC Bulletin Board through one or more market makers. The OTC Bulletin Board is a regulated quotation service that displays real-time quotes, last sale prices and volume information in over-the-counter securities.
If the Company's common stock is not quoted on the OTC Bulletin beginning on August 14, 2006, the common stock will trade in the "Pink Sheets" beginning on August 14, 2006. No assurance can be given that market makers currently making a market in the common stock will continue to make a market in the common stock.
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