House of Taylor Jewelry, Inc. said it has received notice from The Nasdaq Stock Market that it is not in compliance with several requirements for listing on the Nasdaq exchange. The company’s shares will be delisted April 24.
The Los Angeles-based jewelry company said it received a notice on April 17 that it does meet the filing requirement for continued listing set forth under Nasdaq Marketplace Rule 4310(c)(14)2 when the company said, in an U.S. Securities and exchange Commission filing on April 16, that it will be more than 15 days late in filing its annual report for the fiscal year, ended Dec. 31, 2007. The annual report was supposed to be filed on April 1 and the 15-day grace period ended April 15.
The company—whose principal shareholders include Dame Elizabeth Taylor and Kathy Ireland, along with members of the Abramov family—also received a notice on April 16, from Nasdaq indicating that it is not in compliance with The Nasdaq Marketplace Rule 4310(c)(13), which states that “(t)he issuer shall pay the Nasdaq Issuer Quotation Fee described in the Rule 4500 Series,” because the company has not paid its listing fees.
Nasdaq notified the company that based on its failure to pay the listing fees, the trading of its common stock will be suspended at the opening of business on April 24 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the company’s securities from listing and registration on The Nasdaq Stock Market.
The company previously announced that it received a notice on Oct. 29, 2007, from Nasdaq indicating that the company is not in compliance with the minimum bid price requirement for continued listing set forth under The Nasdaq Marketplace Rule 4320(e)(2)(E)(ii). According to the Nasdaq Notice, the company had 180 calendar days, or until April 28, to regain compliance. Since receiving notice, the bid price of the company’s stock has not closed at $1 per share or more for a minimum of ten consecutive business days.
In addition, the company does not currently meet The Nasdaq Capital Market initial listing criteria set forth in Marketplace Rule 4310(c) which would qualify the company to be granted an additional 180 calendar day compliance period.
The company said that no assurance can be given that after delisting of the company’s common stock from Nasdaq, that the stock will be able to trade on the Nasdaq Over The Counter Bulletin Board or on any other market.