Corgi International Limited Announces Receipt of Letter from Nasdaq Regarding Noncompliance With Minimum Market Value Rule and F
06 Octobre 2008 - 9:51PM
Business Wire
Corgi International Limited (Nasdaq:CRGI) today announced that it
received notice on September 30, 2008 from the staff of The Nasdaq
Stock Market, Inc. indicating that Corgi is not in compliance with
The Nasdaq Stock Market�s requirements for continued listing
because, for the previous 30 consecutive trading days, Corgi�s
American Depository Shares (�ADSs�) have not maintained a minimum
market value of publicly held shares of $5,000,000 as required for
continued inclusion by Nasdaq Marketplace Rule 4450(a)(2) (the
�Minimum Market Value Rule�). Corgi has until December 29, 2008 (90
calendar days from September 30, 2008) to regain compliance with
the Minimum Market Value Rule. Corgi can regain compliance with the
Minimum Market Value Rule if the minimum market value of publicly
held shares of Corgi�s ADSs is $5,000,000 or greater for a minimum
of 10 consecutive business days before December 29, 2008. Under
certain circumstances, to ensure that the Company can sustain
long-term compliance, Nasdaq staff may require that the minimum
market value of publicly held shares equals $5,000,000 or greater
for more than 10 consecutive trading days before determining that
the Company complies. If compliance with the Minimum Market Value
Rule is not achieved by December 29, 2008, Nasdaq staff will
provide written notification to Corgi that its securities will be
delisted. As disclosed in its press release dated June 17, 2008,
Corgi also does not meet the continued listing requirements under
Nasdaq Marketplace Rule 4450(a)(5) relating to the minimum bid
price of Corgi�s ADSs (the �Minimum Bid Price Rule�). Corgi may be
delisted by December 15, 2008 for its failure to maintain
compliance with the Minimum Bid Price Rule, and may be delisted
prior to December 29, 2008 for its failure to comply with any other
listing requirement which occurs during this period. In the event
that Corgi receives notice that its ADSs are to be delisted, Nasdaq
rules permit Corgi to appeal any delisting determination by Nasdaq
staff to a Nasdaq Listings Qualifications Panel. In addition, the
Nasdaq Marketplace Rules may permit the Company to transfer its
ADSs to the Nasdaq Capital Market if the Company satisfies the
continued inclusion requirements for that market. If Corgi submits
a transfer application and pays the applicable listing fees by
December 29, 2008 the initiation of the delisting proceedings will
be stayed pending the staff�s review of the application. If the
Nasdaq staff does not approve Corgi�s transfer application, the
Nasdaq staff will provide written notification that its securities
will be delisted. However, Corgi may nevertheless be delisted from
Nasdaq by December 15, 2008 for its failure to maintain compliance
with the Minimum Bid Price Rule. Separately, Carrick John Clough, a
long-serving member of Corgi�s Board of Directors, today announced
his resignation from the Board. Corgi thanks Mr. Clough for his
service on the Board and will work to find a replacement director.
About Corgi International Corgi International Limited is a global
Pop Culture company, which develops and markets innovative and
high-quality licensed and non-licensed toys, gifts and collectables
distributed via direct, specialty, hobby, collector and mass retail
channels worldwide. Marketed under the brand names Master Replicas,
PopCo and H2go, the Company�s line of products range from premium
entertainment prop replicas and limited edition memorabilia to
traditional toys and gift merchandise. The Company holds varying
licenses for many of entertainment�s highest grossing franchises
including Disney Classics, Harry Potter, James Bond, Star Trek,
Nintendo, Halo and The Beatles, amongst others. Corgi International
Limited also has partnerships with cutting edge technology
innovators around the world. The Company is headquartered in Hong
Kong, with operations in Walnut Creek, California, USA and in
Watford and Leicester, UK. �Safe Harbor� Statement under the U.S.
Private Securities Litigation Reform Act of 1995: Certain
statements contained in this press release may be forward-looking.
These statements are subject to risks and uncertainties that could
cause actual results to differ materially from those anticipated.
Such risks and uncertainties include, without limitation, changes
in market demand for Corgi International products, changes in
economic conditions, dependence on certain customers and licensing
partners, and other risks described in the Company's annual report
on Form 20-F for the fiscal year ended March 31, 2007. The Company
undertakes no obligation to update these forward-looking statements
to reflect subsequent events or circumstances.
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