Shoe Pavilion, Inc. Receives Nasdaq Notice Regarding Minimum Bid Price
21 June 2008 - 6:15AM
Business Wire
Shoe Pavilion, Inc. (Nasdaq:SHOE) today announced that it received
a written notice from The Nasdaq Stock Market (�Nasdaq�) on June
19, 2008 indicating that the Company fails to comply with the
minimum bid price requirement for continued listing on the Nasdaq
Global Market because the bid price of its common stock has closed
below the Nasdaq minimum bid price listing requirement of $1.00 per
share for 30 consecutive business days. Under Nasdaq Marketplace
rules, the Company has until December�16, 2008 to regain compliance
with the Nasdaq minimum bid price requirement. If at any time
before that date, the bid price of the Company�s common stock
closes at $1.00 per share or more for a minimum of 10 consecutive
business days, the Company will regain compliance with the listing
requirement, although the Nasdaq Staff has the discretion to
require compliance for a period in excess of 10 consecutive
business days, but generally for no more than 20 consecutive
business days, under certain circumstances. If the Company does not
achieve the minimum closing bid price requirement by December 16,
2008, Nasdaq will provide written notice of delisting. The Company
may either appeal this decision or, alternatively, it may apply to
transfer its listing to the Nasdaq Capital Market, provided that it
qualifies under all of the Nasdaq Capital Market initial listing
criteria at that date other than the minimum bid price. If its
transfer application to the Nasdaq Capital Market is accepted, the
Company will be granted an additional 180 calendar days to regain
compliance with the minimum bid price listing requirement. If the
Company is not eligible to transfer its listing to the Nasdaq
Capital Market and to be granted the additional compliance period,
the Company�s securities will be delisted from the Nasdaq Stock
Market, subject to its right to appeal the determination to a
Nasdaq Listing Qualifications Panel. About Shoe Pavilion Shoe
Pavilion, Inc. is an off-price footwear retailer in the United
States. It offers a selection of designer label and branded
footwear, and accessories for men, women and children. They operate
over 115 stores in Washington, Oregon, California, Arizona, Nevada,
Texas and New Mexico. For more information, please see
www.shoepavilion.com.
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