NexCen warned on stock delisting, bank extends deadline
By Staff -- Home Textiles Today, 7/10/2008 2:30:00 PM
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.”
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