Finlay receives notification letters from Nasdaq

09 Apr '08

2 min read

Finlay Enterprises Inc announced that on April 2, 2008 the Company received notification from The Nasdaq Stock Market that the Company is not in compliance with the continued listing requirement of Nasdaq Marketplace Rule 4450(a)(2) because, for the last 30 consecutive trading days, the Company's common stock has not maintained a minimum market value of publicly held shares of $5,000,000.

In accordance with Nasdaq Marketplace Rule 4450(e)(1), the Company was provided 90 calendar days, until July 1, 2008, to regain compliance with this minimum requirement. To meet this minimum requirement, the market value of the Company's publicly held shares must maintain a market value of publicly held shares of $5,000,000 or greater for a minimum of ten consecutive trading days.

If compliance cannot be demonstrated by July 1, 2008, Nasdaq will provide written notification to the Company that its securities will be delisted. At that time, the Company will be permitted to appeal Nasdaq's determination to a Listing Qualifications Panel.

In addition, on April 7, 2008, the Company received notification from Nasdaq that the Company is not in compliance with the continued listing requirement of Nasdaq Marketplace Rule 4450(a)(5) because, for the last 30 consecutive trading days, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement.

In accordance with Marketplace Rule 4450(e)(2), the Company was provided 180 calendar days, until October 6, 2008, to regain compliance with this minimum requirement. To meet this minimum requirement, the bid price of the Company's common stock must close at $1.00 per share or more for a minimum of ten consecutive business days (or such longer period of time as Nasdaq may require in its discretion).

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