Orange 21 Inc. said that on Sept. 16, 2009, it received a letter from Nasdaq indicating that, for the last 30 consecutive business days preceding the date of the letter, the bid price of the company’s common stock had closed below the $1.00 minimum bid price required for continued listing on the Nasdaq Capital Market under Rule 5550(a)(2). The notification has no effect on the listing of the Company’s common stock at this time.
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.
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.