Nasdaq Notifies Finlay of Noncompliance, Gives Delisting Deadline

Finlay Enterprises has received a notification letter from the Nasdaq Stock Market that the company is not in compliance with the continued listing requirement of the Nasdaq Marketplace rules due to, for the last 30 consecutive trading days, the company’s common stock not maintaining a minimum market value of $5 million.

The firm has been provided with 90 calendar days, until July 1, to regain compliance with this minimum requirement. If it does not do so, Nasdaq will provide written notification to the company that its securities will be delisted.

In addition, on April 7, Finlay received notification from Nasdaq that the firm is not in compliance with the continued listing requirement of Rule 4450(a)(5) because, for the last 30 consecutive trading days, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement.

According to the rule, the company has been provided 180 calendar days, until October 6, to regain compliance with this minimum requirement. If compliance cannot be demonstrated by the deadline, Nasdaq will provide written notification to the company that its securities will be delisted.

Finlay commented that it intends to monitor the market value of its listed securities and to consider available options if its common stock does not trade at a level likely to result in regaining compliance with the minimum requirements.