US: Joe's Jeans warned by Nasdaq over share price
US denim company Joe's Jeans has received a letter from the Nasdaq Stock Market saying it is not complying with its rules because the closing bid price per share of its common stock has been below US$1.00 per share for more than 30 consecutive days.
It said the company will have 180 calendar days, or until 5 June, to regain compliance with the Bid Price Rule.
To regain compliance, the closing bid price of the company's common stock must remain at US$1.00 per share or more for a minimum of 10 consecutive trading days.
If Joe's Jeans does not regain compliance before 5 June 2013, it would be required to meet certain continued listing requirements and need to provide written notice of its intention to cure its deficiency, by undergoing a reverse stock split, if necessary.
If the company does not meet the criteria to gain an additional 180 day complaince period, its stock will be delisted.
US apparel maker Joe's Jeans has swung to a substantial loss during its first quarter due to a one-off expense of US$8.7m....
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