SEATTLE, Sept. 1 /PRNewswire-FirstCall/ -- Ambassadors
International, Inc. (Nasdaq: AMIED) announced that it has been
notified by the Nasdaq Stock Market that the Nasdaq Hearings Panel
has granted the Company's request for continued listing of its
Common Stock on the Nasdaq Stock Market. The Panel's decision
is subject to the Company's Common Stock evidencing a closing bid
price of $1.00 per share or more, as
required by Nasdaq rules, for a minimum of ten consecutive trading
days on or before September 10, 2010.
The Panel also approved the Company's request to have trading
in its Common Stock transferred from the Nasdaq Global Market to
the Nasdaq Capital Market. The Company has submitted a formal
application for the transfer of its listing to the Nasdaq Capital
Market and, subject to approval by the Nasdaq Listing
Qualifications Department, the transfer is expected to become
effective on or about September 17,
2010.
As previously announced, in May and August 2010, the Company received formal
delisting determination letters from the Nasdaq Listing
Qualifications staff regarding the Company's non-compliance with
two continued listing requirements of the Nasdaq Global Market: the
$1.00 minimum bid price requirement
and the $10.0 million minimum
stockholders' equity requirement. In July 2010, the Panel granted the Company's
request for an extension of time through September 10, 2010 for the Company to regain
compliance with the $1.00 minimum bid
price requirement. In order to regain compliance with this
minimum bid price requirement, the Company effected a 1-for-8
reverse split of its Common Stock, which took effect at
11:59 p.m. on August 23, 2010.
Because of the Company's non-compliance with the $10.0 million minimum stockholders' equity
requirement of the Nasdaq Global Market, based upon its
June 30, 2010 financial statements,
the Company recently requested the Panel's permission to submit an
application to transfer the listing of its Common Stock to the
Nasdaq Capital Market, where the Company would be in compliance
with that market's $2.5 million
minimum stockholders' equity requirement for continued listing.
The Panel approved this transfer request, subject to the
following conditions: (1) on or before September 10, 2010, the Company must have
evidenced a closing bid price of $1.00 or more for a minimum of ten prior
consecutive trading days, and (2) on or before September 17, 2010, the Company must have its
application for transfer to the Nasdaq Capital Market approved by
the Nasdaq Listing Qualifications Department. In order to
fully comply with the terms of the Panel's decision, the Company
must also be able to demonstrate compliance with all other
requirements for continued listing on the Nasdaq Capital
Market.
The Nasdaq Capital Market is one of the three markets for
Nasdaq-listed stocks and operates in the same manner as the Nasdaq
Global Market. Companies listed on the Nasdaq Capital Market
must meet certain financial requirements and adhere to Nasdaq's
corporate governance standards. Upon the transfer of the
Company's Common Stock to the Nasdaq Capital Market, the Company's
trading symbol will continue to be "AMIED" through September 20, 2010 and "AMIE" thereafter.
Trading in the Company's Common Stock will be unaffected by
the transfer to the Nasdaq Capital Market.
Assuming approval of the Company's transfer application, the
Company expects to be in compliance with all applicable financial
requirements for continued listing on the Nasdaq Capital Market as
of September 17, 2010, the
anticipated date of transfer, including the $2.5 million stockholders' equity requirement.
However, if the Company were to fail in the future to comply
with the $2.5 million minimum
stockholders' equity requirement of the Nasdaq Capital Market or
any other requirements for continued listing on the Nasdaq Capital
Market, the Company's Common Stock could become subject to
potential delisting.
About Ambassadors International, Inc.
Ambassadors International, Inc. is primarily a cruise company
with headquarters in Seattle,
Washington. The Company operates Windstar Cruises, a
three-ship fleet of luxury yachts that explore the hidden harbors
and secluded coves of the world's most sought-after destinations.
Carrying just 148 to 312 guests, the luxurious ships of
Windstar cruise to nearly 50 nations, calling at 100 ports
throughout Europe, the
Caribbean and the Americas.
In this press release, any reference to "Company,"
"Ambassadors," "management," "we," "us" and "our" refers to
Ambassadors International, Inc. and its management team.
Forward-Looking Statements
This press release contains forward-looking statements that are
based on our current expectations and entail various risks and
uncertainties that could cause our actual results to differ
materially from those suggested in our forward-looking statements.
We believe that such risks and uncertainties include, among
others, our ability to refinance our debt or to obtain additional
financing at reasonable rates; our ability to continue to operate
as a going concern; our ability to effectively and efficiently
operate our cruise business; customer cancellation rates;
competitive conditions in the industry in which we operate;
marketing expenses; extreme weather conditions; the impact of new
laws and regulations affecting our business; negative incidents
involving cruise ships, including those involving the health and
safety of passengers; cruise ship maintenance problems; reduced
consumer demand for vacations and cruise vacations; changes in
fuel, food, payroll, insurance and security costs; changes in
relationships with certain travel providers; changes in vacation
industry capacity; and other economic factors and other
considerations affecting the travel industry; potential of our
common stock not listing on a US national securities exchange or
quoted on an established automated over the counter trading market
in the US; and other factors discussed more specifically in our
annual, quarterly and current reports filed with the SEC on Forms
10-K, 10-Q and 8-K. We are providing this information as of
the date of this release and do not undertake any obligation to
update any forward-looking statements contained in this document as
a result of new information, future events or otherwise.
Additional Information
For further information, please contact Tammy Smolkowski of Ambassadors International,
Inc. at (206) 292-9606.
SOURCE Ambassadors International, Inc.
Copyright t. 1 PR Newswire