Corgi International Limited Announces Receipt of Letter from Nasdaq Regarding Suspension of Minimum Market Value Rule
24 Ottobre 2008 - 1:00AM
Business Wire
Corgi International Limited (Nasdaq GM:CRGI) today announced that
it received notice on October 22, 2008 from the staff of The Nasdaq
Stock Market, Inc. indicating that given these extraordinary market
conditions, NASDAQ has determined to suspend enforcement of the bid
price and market value of publicly held shares requirements through
Friday, January 16, 2009. In that regard, on October 16, 2008,
NASDAQ filed an immediately effective rule change with the
Securities and Exchange Commission to implement the suspension. As
a result, all companies presently in a bid price or market value of
publicly held shares compliance period will remain at that same
stage of the process and will not be subject to being delisted for
these concerns. These rules will be reinstated on Monday, January
19, 2009 and the first relevant trade date will be Tuesday, January
20, 2009. However, if a company is presently subject to being
delisted for concerns not related to the bid price or market value
of publicly held shares requirements, it will continue in that
process with respect to those other concerns. Since the company had
59 calendar days remaining in its compliance period as of October
16 , it will, upon reinstatement of the rules, still have this
number of days, or until March 19, 2009, to regain compliance. The
company can regain compliance, either during the suspension or
during the compliance period resuming after the suspension, by
achieving a $1 closing bid price for a minimum of 10 consecutive
trading days. In the event that Corgi receives notice that its ADSs
are to be delisted, Nasdaq rules permit Corgi to appeal any
delisting determination by Nasdaq staff to a Nasdaq Listings
Qualifications Panel. In addition, the Nasdaq Marketplace Rules may
permit the Company to transfer its ADSs to the Nasdaq Capital
Market if the Company satisfies the continued inclusion
requirements for that market. If Corgi submits a transfer
application and pays the applicable listing fees by March 29, 2009
the initiation of the delisting proceedings will be stayed pending
the staff�s review of the application. If the Nasdaq staff does not
approve Corgi�s transfer application, the Nasdaq staff will provide
written notification that its securities will be delisted. About
Corgi International Corgi International Limited is a global Pop
Culture company, which develops and markets innovative and
high-quality licensed and non-licensed toys, gifts and collectables
distributed via direct, specialty, hobby, collector and mass retail
channels worldwide. Marketed under the brand names Master Replicas,
PopCo and H2go, the Company�s line of products range from premium
entertainment prop replicas and limited edition memorabilia to
traditional toys and gift merchandise. The Company holds varying
licenses for many of entertainment�s highest grossing franchises
including Disney Classics, Harry Potter, James Bond, Star Trek,
Nintendo, Halo and The Beatles, amongst others. Corgi International
Limited also has partnerships with cutting edge technology
innovators around the world. The Company is headquartered in Hong
Kong, with operations in Walnut Creek, California, USA and in
Watford and Leicester, UK. �Safe Harbor� Statement under the U.S.
Private Securities Litigation Reform Act of 1995: Certain
statements contained in this press release may be forward-looking.
These statements are subject to risks and uncertainties that could
cause actual results to differ materially from those anticipated.
Such risks and uncertainties include, without limitation, changes
in market demand for Corgi International products, changes in
economic conditions, dependence on certain customers and licensing
partners, and other risks described in the Company's annual report
on Form 20-F for the fiscal year ended March 31, 2008. The Company
undertakes no obligation to update these forward-looking statements
to reflect subsequent events or circumstances.
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