Ashford.com, an e-commerce destination for corporate and personal gifts and rewards, today announced that it has received a letter from the Nasdaq National Market extending the company ninety days to regain compliance with the $5,000,000 minimum market value of public float (“MVPF”) requirement stated in Marketplace Rule 4450 (a)(2).
In order to comply, the MVPF of Ashford.com’s common stock must achieve a $5,000,000 minimum market value or more for a minimum of 10 consecutive days during that period. If Ashford.com fails to meet this requirement, it will remain subject to delisting from the Nasdaq National Market.
Ashford.com received previous notice from the Nasdaq National Market on April 10, 2001, regarding Ashford.com’s common stock non-compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq. On August 24, 2001, Ashford.com appealed for continued listing in a formal hearing and on August 27, 2001, the shareholders of Ashford.com approved a one-for-ten reverse stock split. The intention of the split is to bring the minimum bid price of its common stock above $1.00 per share, in accordance with the Nasdaq National Market’s continued listing requirements.