American Vantage Cos. to Appeal Nasdaq Delisting Determination.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- American Vantage Cos. (Nasdaq: AVCSE) announced today that it had received a letter from the Listing Qualifications Department of The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , dated April 19, 2005, notifying the company that its common stock is subject to delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. from The Nasdaq SmallCap Market at the opening of business on April 28, 2005. The stated reason for the delisting was the company's failure to file its Annual Report on Form 10-KSB for the fiscal year ended Dec. 31, 2004, in accordance with Nasdaq's Marketplace Rule 4310(c)(14). The company announced that it had taken the necessary steps to appeal Nasdaq's determination to delist delist To drop a security from trading on an organized exchange. Delisting may occur for a number of reasons including failure to meet an exchange's standards or placement of a new listing on another exchange. Compare list. its securities from The Nasdaq Stock Market by requesting a hearing before a Nasdaq Listing Qualifications Panel and tendering the appropriate fee. As previously announced, the company anticipates filing the Dec. 31, 2004, Form 10-KSB with the Securities and Exchange Commission and Nasdaq on or before May 4, 2005. The company further announced that it had previously received a letter, also from the Listing Qualifications Department of The Nasdaq Stock Market, dated April 12, 2005, that had advised the company of Nasdaq's concern that the company lacked a sustainable ongoing business in view of the company's recently consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. disposition of its American Vantage Media Corp. subsidiary, as disclosed in a Current Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. (date of report: March 21, 2005), filed with the SEC on March 25, 2005. Nasdaq's April 12 letter noted that the company may be deemed by Nasdaq to be a "public shell," which raised potential public interest concerns for Nasdaq and made it necessary for Nasdaq to review the company's eligibility for continued listing on The Nasdaq Stock Market under Nasdaq's Marketplace Rules 4300 and 4330(a)(3). The April 12 letter then requested that the company provide Nasdaq with the company's specific plan for future operations and compliance with all of Nasdaq's continued listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. in accordance with Nasdaq's Marketplace Rule 4330(c). The company intends to address why it should not be deemed a public shell at the delisting appeal hearing. The company's common stock will continue to be listed on The Nasdaq SmallCap Market, under the trading symbol Trading symbol See: Ticker symbol "AVCSE," pending the determination of the Nasdaq Listing Qualifications Panel hearing the delisting appeal. There can be no assurance given that the Nasdaq Listing Qualifications Panel will grant the company's request for continued listing of our common stock on The Nasdaq SmallCap Market. |
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