individuals and corporate clients, said Friday that it has received a letter from the Nasdaq National Market indicating that the company no longer complies with the $1.00 minimum bid price requirement stated in Nasdaq’s Marketplace Rule 4450 (a)(5).
Ashford.com has until May 15, 2002, ninety calendar days, to regain compliance with this rule, which would require the company’s stock to achieve a bid price of $1.00 or more for a minimum of 10 consecutive days during that period. If Ashford.com fails to meet this requirement, it will become subject to delisting from the Nasdaq National Market, at which time the company can appeal the delisting to a Nasdaq Listing Qualifications Panel.
In addition, Ashford.com will meet on March 14 where they will be asked to approve the merger agreement among Ashford.com, Global Sports, Inc., and Ruby Acquisition Corp., a wholly owned subsidiary of Global Sports, Inc. Assuming that the stockholders of Ashford.com approve the transaction at the meeting, Global Sports, Inc. and Ashford.com expect to close the acquisition promptly after the meeting.