Joe’s Jeans Receives Nasdaq Notification Letter
11 12월 2012 - 8:00PM
Business Wire
Joe’s Jeans Inc. (NASDAQ: JOEZ) announced today that the Company
received a letter from The Nasdaq Stock Market indicating that the
Company is not in compliance with Nasdaq Listing Rule 5550(a)(2)
(the “Bid Price Rule”) because the closing bid price per share of
its common stock has been below $1.00 per share for 30 consecutive
trading days. The Nasdaq letter was issued in accordance with
standard Nasdaq procedures. In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company will be provided with 180 calendar days,
or until June 5, 2013, to regain compliance with the Bid Price
Rule. This notification has no immediate effect on the listing of
its common stock at this time.
To regain compliance with the Bid Price Rule, the closing bid
price of the Company’s common stock must remain at $1.00 per share
or more for a minimum of 10 consecutive trading days. If the
Company does not regain compliance with the Bid Price Rule by June
5, 2013, the Company may be eligible for additional time. The
Company would be required to meet certain continued listing
requirements and the initial listing criteria for The Nasdaq
Capital Market except for the bid price requirement and will need
to provide written notice of its intention to cure its deficiency
during the second compliance period by effecting a reverse stock
split, if necessary. If the Company meets these criteria, Nasdaq
will notify the Company that it has been granted an additional 180
calendar day compliance period. If the Company is not eligible for
an additional compliance period, Nasdaq will provide the Company
with written notification that its common stock will be delisted.
At that time, the Company may appeal Nasdaq’s determination to
delist its common stock to the Nasdaq Hearings Panel.
About Joe’s Jeans Inc.
Joe’s Jeans Inc. designs, produces and sells apparel and
apparel-related products to the retail and premium markets under
the Joe's® brand and related trademarks. More information is
available at the company website at www.joesjeans.com.
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. The matters discussed in
this document involved estimates, projections, goals, forecasts,
assumptions, risks and uncertainties that could cause actual
results or outcomes to differ materially from those expressed in
the forward-looking statements. All statements in this news release
that are not purely historical facts are forward-looking
statements, including statements containing the words “intend,”
“believe,” “estimate, “project,” “expect” or similar expressions.
Any forward-looking statement inherently involves risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to: the
risk that the Company will be unsuccessful in gauging fashion
trends and changing customer preferences; the ability of the
Company to be successful in its license product categories and its
licensing strategy, the risk that changes in general economic
conditions, consumer confidence, or consumer spending patterns will
have a negative impact on the Company’s financial performance or
strategies; the highly competitive nature of the Company’s business
in the United States and internationally and its dependence on
consumer spending patterns, which are influenced by numerous other
factors; the Company’s ability to respond to the business
environment and fashion trends; continued acceptance of the Joe’s®
brand in the marketplace; successful implementation of any growth
or strategic plans; effective inventory management; the Company's
ability to continue to have access on favorable terms to sufficient
sources of liquidity necessary to fund ongoing cash requirements of
its operations, which access may be adversely impacted by a number
of factors, including the reduced availability of credit generally
and the substantial tightening of the credit markets, including
lending by financial institutions, who are sources of credit for
the Company, the recent increase in the cost of capital, the level
of the Company's cash flows, which will be impacted by the level of
consumer spending and retailer and consumer acceptance of its
products; the ability to generate positive cash flow from
operations; competitive factors, including the possibility of major
customers sourcing product overseas in competition with our
products; the risk that acts or omissions by the company’s third
party vendors could have a negative impact on the company’s
reputation; a possible oversupply of denim in the marketplace; and
other risks. The Company discusses certain of these factors more
fully in its additional filings with the SEC, including its last
annual report on Form 10-K and quarterly report on Form 10-Q filed
with the SEC, and this release should be read in conjunction with
those reports, together with all of the Company’s other filings,
including current reports on Form 8-K, made with the SEC through
the date of this release. The Company urges you to consider all of
these risks, uncertainties and other factors carefully in
evaluating the forward-looking statements contained in this
release.
Any forward-looking statement is based on information current as
of the date of this document and speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to update these statements to reflect events or
circumstances after the date on which such statement is made.
Readers are cautioned not to place undue reliance on
forward-looking statements.
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