The Orchard Receives Correction for NASDAQ Non-Compliance Notification
25 November 2009 - 1:15AM
Business Wire
The Orchard (NASDAQ: ORCD), a full service media company
specializing in the distribution of music and video entertainment,
reports that on November 20, 2009, it received a letter from The
NASDAQ Stock Market stating that based on information subsequently
received by the NASDAQ staff, NASDAQ erroneously issued a letter to
The Orchard on November 12, 2009. The November 12, 2009 letter
stated that the company was not in compliance with NASDAQ’s
continued listing criteria for a listing on the NASDAQ Global
Market under Listing Rule 5450(b)(1)(C) because of the company’s
failure to maintain a minimum Market Value of Publicly Held Shares
(MVPHS) of $5,000,000 over a 30 consecutive business day
period.
About The Orchard®
Headquartered in New York and London with operations in 25
markets around the world, The Orchard (NASDAQ: ORCD) is a full
service media company specializing in the distribution of music and
video entertainment. Founded in 1997, the company is a global
leader in digital marketing and distribution, driving sales across
more than 730 digital storefronts and mobile carriers in 69
countries. Fostering creativity and independence, The Orchard
enables labels, artists and rights holders to grow and monetize
audiences globally. For further information please visit
www.theorchard.com.
The Orchard is a registered trademark and The Orchard logo is a
service mark of Orchard Enterprises NY, Inc. All Rights
Reserved.
Forward Looking Statements
This release contains certain forward-looking statements, which
reflect management’s expectations regarding future events and
operating performance, such as the factors underlying The Orchard’s
historical performance and the likelihood that these will result in
similar future performance, The Orchard’s performance in 2009
despite a challenging macro-economic environment, the impact that
new business areas that are being launched will have on future
growth and management’s ability to control costs as revenues
increase. Undue reliance should not be placed on such
forward-looking statements as they speak only as of the date hereof
and are based on our current views and assumptions. The Orchard
undertakes no obligation to update these statements to reflect
subsequent events or circumstances except as may be required by
law. These forward-looking statements involve a number of risks and
uncertainties, certain of which are outside of The Orchard’s
control, such as the growth of the digital music and video markets,
the impact of the general economic recession and management’s
ability to capitalize on our business strategy and take advantage
of opportunities for revenue expansion, the outcome of, expenses
associated with, or developments concerning, Dimensional's proposal
to acquire all of our outstanding common stock not already owned by
it or any litigation related to the proposal, the uncertainty for
our employees, customers and other business partners resulting from
Dimensional's proposal, which could adversely affect our business
and financial results, and our ability to maintain the listing of
our common stock on The NASDAQ Stock Market. These and other
factors that could cause actual results to differ materially from
our expectations are detailed in The Orchard’s filings with the
Securities and Exchange Commission, such as our annual reports on
Form 10-K and quarterly reports on Form 10-Q.
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