World News: 22:15 GMT Monday 11th February 2019. [Naked Brand Group Limited via Globe Newswire via SPi World News]
SYDNEY, Australia, Feb. 11, 2019 (GLOBE NEWSWIRE) -- (NASDAQ: NAKD) (“Naked” or the “Company”), a global leader in intimate apparel and swimwear, has received a letter from the Listing Qualifications Department of The Nasdaq Capital Market (“Nasdaq”) notifying the company that the minimum bid price for the company’s common stock was below $1.00 per share for a period of 30 consecutive business days, and that the company did not meet the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2).
The Nasdaq notification has no effect at this time on the listing of the company’s common stock, and the stock will continue to trade uninterrupted under the symbol “NAKD”. Naked management intends to actively monitor the bid price for its common stock and will consider all available options to regain compliance with the Nasdaq minimum bid price requirement.
The company has a compliance period of 180 calendar days until August 5, 2019 to regain compliance with the minimum bid price requirement. If at any time during the 180-day compliance period, the closing bid price per share of the company’s common stock is at least $1.00 for at least ten consecutive business days, Nasdaq will provide the company a written confirmation of compliance and the matter will be closed.
In the event the company does not regain compliance with Rule 5550(a)(2) within this compliance period, it may be eligible for additional time. To qualify, the company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. If the Nasdaq staff concludes that the company will not be able to cure the deficiency or if the company is otherwise not eligible, the company’s common stock will be subject to delisting by Nasdaq.
Joel PrimusNaked Brand Group Limited
Chris Tyson MZ North America949-491-8235
Globe Newswire: 22:15 GMT Monday 11th February 2019
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