Joe’s Receives Extension of Compliance Period from Nasdaq
LOS ANGELES--(BUSINESS WIRE)--Jun. 4, 2015-- Joe’s Jeans Inc. (NASDAQ:JOEZ) (the “Company”) announced today that the Company received a letter on May 29, 2015, from The Nasdaq Stock Market indicating that the Company had received an additional 180 days, or until November 23, 2015, to regain compliance with Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”) by maintaining a closing bid price per share of its common stock at $1.00 per share or more for a minimum of 10 consecutive trading days.
The determination by Nasdaq that the Company was eligible for this additional period was based upon the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the Bid Price Rule, and the Company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. The letter was issued in accordance with standard Nasdaq procedures and has no immediate effect on the listing of the Company’s common stock at this time. The Company intends to monitor the bid price of its common stock and will implement a reverse stock split, if necessary, if its common stock does not trade at a level likely to result in the Company regaining compliance with the Bid Price Rule by November 23, 2015.
If the Company does not regain compliance with the Bid Price Rule by November 23, 2015, and does not timely implement a reverse stock split, 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.