Innovo receives extension of compliance period from Nasdaq
30 Dec '06
2 min read
Innovo Group Inc, or the Company, announced that on December 28, 2006, the Company received notification from Nasdaq that it had received an additional 180 days, or until June 25, 2007, to regain compliance with the $1.00 minimum closing bid price requirement for continued listing as set forth in Marketplace Rule 4310(c)(4) (the "Rule").
On June 30, 2006, the Company received a letter from Nasdaq stating that, in accordance with Marketplace Rule 4310(c)(8)(D), it would be provided 180 calendar days, or until December 27, 2006, to regain compliance with the Rule.
On December 28, 2006, Nasdaq notified the Company that it had not regained compliance with the Rule, but since it met all initial inclusion criteria for the Nasdaq Capital Market set forth in Marketplace Rule 4310(c) (except for the bid price requirement), the Company would be provided an additional 180 calendar days, or until June 25, 2007, to regain compliance.
If, at any time before June 25, 2007, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of ten consecutive business days, Nasdaq will provide notification that the Company has regained compliance with the Rule.
If the Company cannot demonstrate compliance by June 25, 2007, Nasdaq will provide notification that the Company's securities will be delisted. At that time, the Company may appeal Nasdaq's determination to a Listing Qualifications Panel.
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