Ashford.com Houston, said Tuesday that its Board of Directors has delayed indefinitely the reverse stock split that had been approved at its August 28, 2001 annual meeting.
The reason for postponing the split is the recent moratorium by Nasdaq on the requirements to remain listed and the pending sale of Ashford.com to Global Sports, Inc., the company said in a release. Nasdaq announced on Sept. 27 that it was implementing a moratorium on the minimum bid and the public-float requirements for continued listing on Nasdaq. The suspension of Nasdaq’s requirements will remain in effect until January 2, 2002.
On Sept. 14, Ashford.com announced it had entered into a definitive agreement to sell all of its outstanding shares to Global Sports, a leading outsource solution provider for e-commerce.