Odimo faces Nasdaq delisting

Odimo Inc., an online retailer of diamonds, fine jewelry, watches, and luxury goods through three Web sites, said Wednesday that it received a notice from The Nasdaq Stock Market that it has not maintained a minimum market value of publicly held shares of $5 million for 30 consecutive trading days.

The Sunrise, Fla.-based company (which owns and operates diamond.com, ashford.com, and worldofwatches.com) faces delisting under Marketplace Rule 4450(a)(2). The company said it received the notice on Tuesday.

In accordance with the rule, Odimo was provided 90 calendar days, until July 31, to regain compliance by having its publicly held shares maintain a market value of $5 million or greater for a minimum of ten consecutive trading days.

For purposes of the rule, Nasdaq defines publicly held shares as total shares outstanding, less any shares held by officers, directors, or beneficial owners of 10% or more of the outstanding shares.