Joe’s Receives Extension of Compliance Period from Nasdaq
June 04 2015 - 5:00AM
Business Wire
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.
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 regaining compliance
with Nasdaq Listing Rules, the risk that the Company will be
unsuccessful in remedying its defaults under its term loan and
revolving credit agreement and other subordinated debt, 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 Company’s brands 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 its defaults under the existing term loan and
revolving credit agreement and other subordinated debt, 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; 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, 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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version on businesswire.com: http://www.businesswire.com/news/home/20150604005239/en/
Joe’s Jeans Inc.Hamish Sandhu323-837-3700 x 304
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