Sport Chalet Inc. has been notified by the NASDAQ Stock Market that it has 180 days to elevate the market value of its publicly held Class B common stock to $1 million or have the stock delisted.
Nasdaq notified Sport Chalet May 17 that it was not in compliance with Rule 5460 of the Nasdaq Listing Rules, which requires secondary classes of common stock to maintain a minimum value of $1 million. The Market Value of Publicly Held Shares, or MVPHS, of Sport Chalet's Class B common stock is equal to the consolidated closing bid price multiplied by the number of shares not held directly or indirectly by an officer, director or beneficial owner of more than 10 percent of total shares. Insiders and investors holding at least 5 percent of the shares controll nearly 70 percent of Sport Chalet's Class B shares.
SPCH closed at $1.58 Thursday, nearly 45 percent off its 12 month high.