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Tarrant to regain compliance within 180 day cure period
05 Apr '08
2 min read
Tarrant Apparel Group, a design and sourcing company for private label and private brand casual apparel, announced that it was notified by The Nasdaq Stock Market on April 2, 2008 that it is not in compliance with Nasdaq Marketplace Rule 4450(a)(5) because shares of its common stock had closed at a per share bid price of less than $1.00 for 30 consecutive business days.
In accordance with Nasdaq Marketplace Rule 4450(e)(2), the Company will be provided with 180 calendar days, or until September 29, 2008, to regain compliance. This notification has no effect on the listing of the Company's common stock at this time.
To regain compliance with the minimum bid price rule, the closing bid price of Tarrant Apparel Group's common stock must close at $1.00 per share or more for a minimum of ten consecutive business days.
If the Company does not regain compliance by September 29, 2008, the Nasdaq staff will notify the Company that its common stock will be delisted. In that event and at that time, the Company may appeal Nasdaq's delisting determination to a Nasdaq Listing Qualifications Panel.
Alternatively, if the Company does not regain compliance with the minimum bid price rule by September 29, 2008, the Company can apply to list its common stock on The Nasdaq Capital Market if it satisfies the initial listing criteria set forth in Marketplace Rule 4310(c), other than the minimum bid price requirement. If the Company's application is approved,the Company will be granted an additional 180 calendar days to regain compliance with the minimum bid price rule.
In accordance with Nasdaq Marketplace Rule 4450(e)(2), the Company will be provided with 180 calendar days, or until September 29, 2008, to regain compliance. This notification has no effect on the listing of the Company's common stock at this time.
To regain compliance with the minimum bid price rule, the closing bid price of Tarrant Apparel Group's common stock must close at $1.00 per share or more for a minimum of ten consecutive business days.
If the Company does not regain compliance by September 29, 2008, the Nasdaq staff will notify the Company that its common stock will be delisted. In that event and at that time, the Company may appeal Nasdaq's delisting determination to a Nasdaq Listing Qualifications Panel.
Alternatively, if the Company does not regain compliance with the minimum bid price rule by September 29, 2008, the Company can apply to list its common stock on The Nasdaq Capital Market if it satisfies the initial listing criteria set forth in Marketplace Rule 4310(c), other than the minimum bid price requirement. If the Company's application is approved,the Company will be granted an additional 180 calendar days to regain compliance with the minimum bid price rule.
Tarrant Apparel Group
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