Ashford.com, Houston, a leading e-commerce destination offering luxury goods, announced today 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 Marketplace Rule 4450 (a)(5).
While Ashford.com made the letter public today, according to Nasdaq records, the letter was issued on April 10.
Ashford.com has until July 9, 2001, ninety calendar days, to regain compliance with this rule, which would require the company’s stock to achieve a bid price $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.
Ashford.com opened trading this morning at 51 cents per share. For the past year, the company traded at a high of $4.93 per share and a low of 14 cents per share.
The company incorporated in Texas in March 1998 under the name NewWatch Company and began conducting business as Ashford.com in May 1999. In July 1999, the company changed its name to Ashford.com, Inc. and reincorporated in Delaware. Ashford.com became a public company on September 23, 1999. The initial price per share was $13.00.