NexCen warned on stock delisting, bank extends deadline
July 10, 2008-- Home Textiles Today,
New York – Brand licensing and franchise firm NexCen Brands has received notice from Nasdaq that its stock would be delisted if it does not trade at $1 per share or above for at least 10 consecutive days between now and Jan. 5, 2009.
This is the 180-period Nasdaq customarily grants upon filing a warning of delisting. NexCen shares have traded below $1 for the last 30 consecutive business days. NexCen, which last week announced it will sell its Waverly and Bill Blass brands, had already warned shareholders that such a notice was likely.
NexCen indicated it will take all suitable measures to remain listed on the Nasdaq exchange.
Meanwhile, Bank of America has extended a July 9 service deadline with NexCen to July 23, NexCen reported in a filing with the Securities and Exchange Commission. The company’s principal commercial bank, BoA is preparing to terminate the deposit agreements and other treasury management services that it provides to NexCen – which said it “has been in active discussions with Bank of America to maintain the deposit control agreements.”
Related Content By Author
Industry Related Content
New homes for Indo Count, Trident