Finlay Receives Two Delisting Warnings
-- JCK-Jewelers Circular Keystone, 4/9/2008 11:00:00 AM
Finlay Enterprises, Inc. on Tuesday announced it received notification from The Nasdaq Stock Market that it 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 million.
The company, owns and operates luxury stand-alone specialty jewelry stores and licensed fine jewelry departments in department stores, said it received its notification April 2.
In accordance with Nasdaq Marketplace Rule 4450(e)(1), the New York City-based 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 its publicly held shares must maintain a market value of publicly held shares of $5 million or greater for a minimum of ten consecutive trading days.
If compliance cannot be demonstrated by July 1, 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 Monday, Finlay said it received notification from Nasdaq that it 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 its common stock had closed below the minimum $1 per share requirement.
In accordance with Marketplace Rule 4450(e)(2), the company was provided 180 calendar days, until Oct. 6, 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 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).
If compliance cannot be demonstrated by Oct. 6, Nasdaq will provide written notification that its securities will be delisted. At that time, the company will be permitted to appeal Nasdaq's determination to a Listing Qualifications Panel.
Finlay said it intends to monitor the market value of its listed securities and to consider available options if its "common stock does not trade at a level likely to result in the company regaining compliance with the minimum market value of publicly held shares requirement and the minimum bid price requirement by the applicable deadlines."
The company, through its wholly-owned subsidiary, Finlay Fine Jewelry Corporation, is one of the leading retailers of fine jewelry operating luxury stand-alone specialty jewelry stores and licensed fine jewelry departments in department stores throughout the United States. The number of locations at the end of fiscal 2007 totaled 793, including 69 Bailey Banks & Biddle, 32 Carlyle and five Congress specialty jewelry stores.
