Shoe Pavilion, Inc. received a written notice from The Nasdaq Stock Market (“Nasdaq”) on June 19, indicating that the company has failed to comply with the minimum bid price requirement for continued listing on the Nasdaq Global Market. The bid price of its common stock has closed below the Nasdaq minimum bid price listing requirement of $1.00 per share for 30 consecutive business days.
If the company does not achieve the minimum closing bid price requirement by December 16, 2008, Nasdaq will provide written notice of delisting. The company may either appeal this decision or, alternatively, it may apply to transfer its listing to the Nasdaq Capital Market, provided that it qualifies under all of the Nasdaq Capital Market initial listing criteria at that date other than the minimum bid price.