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Blue Holdings receives additional Nasdaq Staff Determination Letter
29 May '08
2 min read
Blue Holdings Inc a designer, manufacturer and distributor of high-end fashion jeans, announced that the Company received notification on May 21, 2008 of a Nasdaq staff determination that its common stock is subject to delisting from The Nasdaq Capital Market for failure to comply with Marketplace Rule 4310(c)(14), requiring the Company to file its Form 10-Q for the period ended March 31, 2008 by the filing deadline.
Accordingly, this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market.
As previously announced, the Company received a Nasdaq Staff Determination Letter on May 14, 2008 indicating that the Company failed to comply with the minimum bid price and stockholders' equity requirements for continued listing set forth in Marketplace Rules 4310(c)(4) and 4310(c)(3)(A), respectively.
The Audit Committee of the Company's Board of Directors, comprised of independent directors, continues to review the previously announced potential accounting errors in the Company's financial statements for the year ended December 31, 2007 and certain of the quarters therein and is working with management to conclude the review as quickly as possible.
The impact of any potential restatement remains unknown at this time, and the Company will delay the filing of its 10-Q for the quarter ended March 31, 2008 until such time as the potential restatement matters are resolved.
The Company has requested a hearing before the Nasdaq Listing Qualifications Panel to appeal the staff determination. Pending completion of the appeal process, the stock will continue to be listed on The Nasdaq Capital Market.
The Company expects to file its delinquent 10-Q prior to the hearing. There can be no assurance that the Panel will grant the Company's request for continued listing.
Accordingly, this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market.
As previously announced, the Company received a Nasdaq Staff Determination Letter on May 14, 2008 indicating that the Company failed to comply with the minimum bid price and stockholders' equity requirements for continued listing set forth in Marketplace Rules 4310(c)(4) and 4310(c)(3)(A), respectively.
The Audit Committee of the Company's Board of Directors, comprised of independent directors, continues to review the previously announced potential accounting errors in the Company's financial statements for the year ended December 31, 2007 and certain of the quarters therein and is working with management to conclude the review as quickly as possible.
The impact of any potential restatement remains unknown at this time, and the Company will delay the filing of its 10-Q for the quarter ended March 31, 2008 until such time as the potential restatement matters are resolved.
The Company has requested a hearing before the Nasdaq Listing Qualifications Panel to appeal the staff determination. Pending completion of the appeal process, the stock will continue to be listed on The Nasdaq Capital Market.
The Company expects to file its delinquent 10-Q prior to the hearing. There can be no assurance that the Panel will grant the Company's request for continued listing.
Blue Holdings Inc
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