Marine clothing, including custom embroidery store Dickie Walker Marine Inc provided an update on its Nasdaq listing and the proposed acquisition agreement between Dickie Walker and Intelligent Energy Holdings Plc.
As previously disclosed in an August 1, 2005 press release and in the Form 8-K Current Report filed with the Securities and Exchange Commission (SEC) on August 3, 2005, Dickie Walker Marine reported that it had been granted an exception from the minimum $2,500,000 shareholders' equity requirement, subject to Dickie Walker meeting certain conditions as of August 15, 2005 and September 30, 2005.
Having considered various business and compliance factors relating to this matter, including the potential to raise sufficient funds by August 15, 2005 and close the previously announced proposed transaction with Intelligent Energy Holdings Plc by September 30, 2005, Dickie Walker determined that it would not be able to meet the conditions imposed at the August 15, 2005 deadline, and subsequently notified the Nasdaq Staff of its inability to do so.
Consequently, Dickie Walker's securities will be delisted from The Nasdaq SmallCap Market effective August 17, 2005. Dickie Walker anticipates that its securities will then trade on the Over the Counter Bulletin Board (OTCBB).
Intelligent Energy has informed Dickie Walker that the level of acceptance required from Intelligent Energy shareholders to approve the transaction between Intelligent Energy and Dickie Walker Marine may not be achieved.
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