Published:
Action Products Receives NASDAQ Deficiency Notice Related to Minimum Bid Price Rule
Action Products Receives NASDAQ Deficiency Notice Related to Minimum Bid Price Rule
Action Products International, Inc. (NASDAQ: APII), the global manufacturer and distributor of brand-focused educational
toys and products, announced that on May 5, 2008, it received notice from
the NASDAQ Stock Market ("NASDAQ") that for the previous 30 consecutive
trading days, the Company's common stock closed below the minimum $1.00 bid
price per share required by Marketplace Rule 4310(c)(4).
In accordance with Marketplace Rule 4310(c)(8)(D), the Company will be
provided 180 calendar days, or until November 3, 2008, to regain compliance
with the Rule. The letter further indicates that the Company may regain
compliance if at any time before November 3, 2008, the bid price of the
Company's common stock closes at $1.00 per share or above for a minimum of
10 consecutive trading days. If the Company is successful in meeting this
requirement, the Staff will provide written notification that it has
achieved compliance with the Rule. If compliance with the Rule cannot be
demonstrated by November 3, 2008, the Staff will determine whether the
Company meets The NASDAQ Capital Market initial listing criteria as set
forth in Marketplace Rule 4310(c), except for the bid price requirement. If
it meets the initial listing criteria, the Staff will notify the Company
that it has been granted an additional 180 calendar day compliance period.
If the Company is not eligible for an additional compliance period, the
Staff will provide written notification that the Company's common stock
will be delisted. At that time, the Company may appeal the Staff's
determination to delist its common stock.
The Company intends to actively monitor the bid price for its common stock
between now and November 3, 2008, and evaluate various options available to
the Company if its common stock does not trade at a level that is likely to
regain NASDAQ compliance.
Safe Harbor Forward-Looking Statements: Statements contained in this
letter that are not strictly historical are "forward-looking statements."
Such forward-looking statements are sometimes identified by words such as
"intends," "anticipates," "believes," "expects," and "hopes." The
forward-looking statements are made based on information available as of
the date hereof, and we assume no obligation to update such forward-looking
statements. Such forward-looking statements involve risks and
uncertainties that could cause Action Products' actual results to differ
materially from those in these forward-looking statements. Such risks and
uncertainties include but are not limited to demand for our products and
services, our ability to continue to develop markets, general economic
conditions, our ability to secure additional financing for Action Products
and other factors that may be more fully described in reports to
shareholders and periodic filings with the Securities and Exchange
Commission.
Copyright © 2008, MarketWire
Copyright © 2008, NewsBlaze,
Daily NewsTags: Tags: Wal Mart, Sears, Nordstrom and other Retail, , florida
_ _
Search News
Daily News
