Ashford.Com to fight an attempt by Nasdaq to delist its stock

Ashford.com, Houston, an e-commerce destination for corporate and personal gifts and rewards, said it intends to request a hearing to appeal for continued listing on the Nasdaq National Market.

Ashford.com officials said in a statement released Friday that it received a letter on July 10, 2001, from Nasdaq stating that, pursuant to Nasdaq Marketplace Rules 4450(a)(5) and 4310(c)(8)(B), the company’s common stock will be delisted unless it requests a hearing by July 17, 2001. Nasdaq says Ashford no longer complies with the $1.00 minimum bid price requirement for continued listing.

The hearing is expected to be held within 45 days of the date of request, Ashford said in the statement. Until that time, Ashford’s common stock will continue to trade on the Nasdaq National Market. At the hearing, Ashford says it intends to request an extension to allow it time to raise its share price.

If the appeal is denied, the company’s common stock will be delisted from the Nasdaq National Market. In that event, said Ashford officials, its common stock will trade on the OTC Bulletin Board’s electronic quotation system or on another quotation system or exchange on which shares of the company may qualify. Ashford says its shareholders will still be able to obtain current trading information, including the last trade bid and ask quotations and share volume.