Orange 21 Inc., the parent of Spy Optic, said that on March 16, 2010 it received a letter from the Nasdaq Stock Market noting that it was failing to meet the requirements for continuing listing on the stock exchange. The company expects its common stock to be quoted on the OTC Bulletin Board and the Pink Sheets beginning on March 25.
The letter served as a follow up to its letter received on September 16, 2009, which indicated that the bid price of the company’s common stock had closed below the $1.00 minimum bid price for 30 consecutive business days preceding the date of the letter, and as a result did not comply with Listing Rule 5550(a)(2). In accordance with Listing Rule 5810(c)(3)(A), the company was provided 180 calendar days, or until March 15, 2010, to regain compliance with the minimum bid price required under the Rule.
The March 16, 2010 letter from Nasdaq indicated that the company had not regained compliance with the Rule and is not eligible for an additional 180 day compliance period given that it does not meet the Nasdaq Capital Market initial listing standard set forth in Listing Rule 5505. Accordingly, its securities will be delisted from the Nasdaq Capital Market on March 25, 2010 unless the company requests an appeal to the Nasdaq’s determination to a Hearings Panel in accordance with Listing Rule 5800 Series.
The company does not plan to request an appeal and, accordingly, trading in the company’s common stock on the Nasdaq Capital Market will be suspended at the opening of business on March 25, 2010. The company expects its common stock to be quoted on the OTC Bulletin Board and the Pink Sheets beginning on March 25, 2010.
Orange 21 developsproducts for the action sports, motorsports, snowsports and lifestyle markets under the brands Spy Optic, ONeill and Margaritaville.
