Nasdaq sends notice to House of Taylor Jewelry

28 Apr '08

2 min read

House of Taylor Jewelry Inc received a notice on April 17, 2008, from The Nasdaq Stock Market indicating that the Company is not in compliance with the filing requirement for continued listing set forth under Nasdaq Marketplace Rule 4310(c)(14)2 when the Company disclosed on April 16, 2008, in a Form 8-K that the filing of its annual report on Form 10-KSB for the fiscal year ended December 31, 2007, would be delayed beyond the 15 day grace period afforded under Form 12b-25 extension, which expired on April 15, 2008.

The Company also received a notice on April 16, 2008, from The Nasdaq Stock Market indicating that the Company is not in compliance with The Nasdaq Marketplace Rule 4310(c)(13), which states that "(t)he issuer shall pay the Nasdaq Issuer Quotation Fee described in the Rule 4500 Series," because the Company has not paid its listing fees.

The Nasdaq Stock Market has notified the Company that based on its failure to pay the listing fees the trading of its common stock will be suspended at the opening of business on April 24, 2008, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing and registration on The Nasdaq Stock Market.

The Company has previously announced that it received a notice on October 29, 2007, from The Nasdaq Stock Market (the "Nasdaq Notice") indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth under The Nasdaq Marketplace Rule 4320(e)(2)(E)(ii) (the "Minimum Bid Price Rule").

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