House of Taylor Jewelry, Inc. said Thursday it received a notice from The Nasdaq Stock Market indicating that the company is not in compliance with the minimum bid price requirement for continued listing set forth under Nasdaq Marketplace Rule.
Under the rules set forth by the Nasdaq Listing Qualifications Department, issuing this notice is customary practice when a Nasdaq quoted company’s closing price has been less than $1.00 per share for 30 consecutive trading days.
The Nasdaq letter, issued on Oct. 29, does not affect the listing of the company at this time, and the company’s shares will continue to trade on the Nasdaq Capital Market under the symbol “HOTJ.”
According to the Nasdaq Notice, the company has 180 calendar days, or until April 28, 2008, to regain compliance. If, at any time, the bid price of the company’s stock closes at $1.00 per share or more for a minimum of ten consecutive business days, Nasdaq staff will provide written notification that the company complies with the Minimum Bid Price Rule. If compliance with the Rule cannot be demonstrated by April 28, 2008, Nasdaq staff will determine whether the company meets The Nasdaq Capital Market initial listing criteria set forth in Marketplace Rule 4310(c), except for the bid price requirement.
If the company meets the initial listing criteria Nasdaq staff will notify the company that it has been granted an additional 180 calendar day compliance period. If the company is not then eligible for an additional compliance period, Nasdaq staff will provide written notification that the company’s securities will be delisted. The company may appeal the delisting to a Nasdaq Listing Qualifications Panel.
House of Taylor Jewelry is a Los Angeles-based international jewelry company whose principal shareholders include entities owned by Dame Elizabeth Taylor and Kathy Ireland, along with members of the Abramov family. It serves fine jewelry retailers worldwide with diverse jewelry collections marketed under the brands Elizabeth, House of Taylor Jewelry, and Kathy Ireland Jewelry Exclusively for House of Taylor Jewelry.