Orange 21 Receives Nasdaq Delisting Warning

mike lewis

• September 17 2009
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Orange 21, the parent company of Spy Optic, received a warning letter from Nasdaq yesterday that unless its stock price climbs above $1.00 in the next 180 days it will be delisted from the Nasdaq Capital Market. The company’s stock has closed below the Nasdaq minimum of $1.00 per share for more than 30 consecutive business days, which triggered the letter.

“The notification has no effect on the listing of the Company’s common stock at this time,” according to Orange 21. “In accordance with Rule 5810(c)(3)(A), the Company has 180 calendar days from the date of the Nasdaq letter, or until March 15, 2010, to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of the Company’s common stock must be at or above $1.00 per share for a minimum of 10 consecutive business days. If the Company does not regain compliance by March 15, 2010, Nasdaq will provide written notification to the Company that the Company’s common stock is subject to delisting. Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing criteria on March 15, 2010 for the Nasdaq Capital Market, with the exception of the bid price requirement. If it meets the initial criteria, Nasdaq will notify the Company that it has been granted an additional 180 calendar day compliance period. The Company intends to actively monitor the bid price for its common stock between now and March 15, 2010, and will consider available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirement.”