Westaff Receives a Nasdaq Letter Related to Minimum Closing Bid Price Rule
16 Septembre 2008 - 11:25PM
Business Wire
Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing
services, announced today that on September 10, 2008, it received a
letter from The Nasdaq Stock Market (�Nasdaq�) indicating that, for
the last 30 consecutive business days prior to the date of the
letter, the bid price of Westaff�s common stock had closed below
the minimum $1.00 per share requirement for continued inclusion
under Nasdaq Marketplace Rule 4450(a)(5). As of today, Westaff�s
common stock has not been delisted and continues to be listed on
the Nasdaq Global Market. In accordance with Nasdaq Marketplace
Rule 4450(e)(2), Westaff has 180 calendar days from the date of the
Nasdaq letter, or until March 9, 2009, for the bid price of its
common stock to close at $1.00 per share or more for a minimum of
10 consecutive business days to regain compliance. In the event
that Westaff does not regain compliance by March 9, 2009, Nasdaq
will provide notice to Westaff that its common stock will be
delisted. At that time, Westaff would be permitted to appeal
Nasdaq�s determination to delist Westaff�s common stock to a Nasdaq
Listing Qualifications Panel. Alternatively, Nasdaq Marketplace
Rule 4310(c) may permit, upon approval by Nasdaq, Westaff to
transfer its common stock to the Nasdaq Capital Market if Westaff�s
common stock satisfies all criteria, other than compliance with the
minimum bid price rule, for initial inclusion on such market. In
the event of such a transfer, the Nasdaq Marketplace Rules provide
that Westaff would be afforded an additional 180 calendar days to
comply with the minimum closing bid price rule while listed on the
Nasdaq Capital Market. About Westaff Westaff provides staffing
services and employment opportunities for businesses in global
markets. Westaff annually employs in excess of 125,000 people and
services more than 20,000 client accounts from 204 offices located
throughout the United States, Australia and New Zealand. For more
information, please visit the company Web site at www.westaff.com.
This press release contains forward-looking statements within the
meaning of the U.S. securities laws. Forward-looking statements in
this release are generally identified by words such as "expects,"
"believes," "will," "should" and similar expressions that are
intended to identify forward-looking statements. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. All forward-looking
statements are qualified in their entirety by this cautionary
statement. Forward-looking statements contained herein include, but
are not limited to, statements regarding the continued listing of
Westaff�s common stock on the Nasdaq Global Market, the timing
determinations by Nasdaq and the potential for taking additional
actions to address compliance with the continued listing
requirements of Nasdaq. The forward-looking statements contained
herein involve a number of assumptions, risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by these forward-looking statements. Many of
these risks and uncertainties cannot be controlled by Westaff.
These risks and uncertainties include, but are not limited to, the
volatility of the price of Westaff�s common stock and the
determinations by Nasdaq and its staff. Additional information
concerning these risks and uncertainties, and other factors you may
wish to consider, is contained in Westaff�s filings with the
Securities and Exchange Commission, including Westaff�s most recent
Annual Report on Form 10-K for the year ended November 3, 2007 and
most recent Quarterly Report on Form 10-Q for the quarterly period
ended July 12, 2008. Forward-looking statements are based on the
beliefs and assumptions of Westaff's management and on currently
available information. Westaff undertakes no responsibility to
publicly update or revise any forward-looking statement except as
required by applicable laws and regulations.
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