Odimo Inc., an online retailer of watches and luxury goods, said it received a letter from The Nasdaq Stock Market on Aug 3, stating that its securities will be delisted from quotation on The Nasdaq Global Market effective Aug. 14.
Nasdaq informed the Sunrise, Fla.-based company in May that its common stock had not maintained a minimum value of publicly held shares of $5 million during 30 consecutive trading days, and, as a result, did not comply with market rules.
The company, which owns and operates ashford.com and worldofwatches.com, was provided 90 calendar days, or until July 31, to regain compliance with the rule. It failed to do so.
Odimo says it expects to be eligible for quotation on the Over-The-Counter Bulletin Board through one or more market makers. The OTC Bulletin Board is a regulated quotation service that displays real-time quotes, last sale prices, and volume information over-the-counter securities. If the company’s common stock is not quoted on the OTC Bulletin beginning on Aug. 14, the common stock will trade in the “Pink Sheets” beginning the same day.