Bluefly Receives Nasdaq Determination.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Bluefly, Inc. (NASDAQ Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for : BFLY BFLY Bluefly Inc. (stock symbol) ), a leading online retailer of designer brands, fashion trends and superior value (www.bluefly.com), today announced that it received a Nasdaq NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Staff Determination Letter on February 13, 2008 indicating that the company's common stock had not regained compliance with the $1 minimum bid price continued listing requirement set forth in Marketplace Rule 4310(c)(4) during the 180-day extension period provided the company in August 2007. Accordingly, the Nasdaq staff has determined that Bluefly's common stock is subject to de-listing from the Nasdaq Capital Market. Bluefly, Inc. is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to request a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination, and intends to request such a hearing. The hearing will stay the de-listing action pending the issuance of a final decision by the Panel. There can be no assurance the Panel will grant Bluefly's request for continued listing. Bluefly's stockholders have previously authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the board of directors to effect a reverse stock split of the company's common stock within certain approved ranges. Bluefly's board is currently considering whether to effect such a reverse stock split in an effort to regain compliance with the minimum bid price requirement. To regain compliance with the minimum bid price requirement, Bluefly's common stock would need to close at or above $1 for 10 consecutive business days following the reverse stock split. The board of directors has not yet determined whether it believes that a reverse stock split would be in the best interests of Bluefly's stockholders. To the extent that the board determines to effect a reverse stock split, there can be no assurance that such reverse stock split will cause Bluefly to regain compliance for the minimum bid price requirement for the required period of time. Bluefly would have been entitled to an additional 180-day extension period had it met the initial listing criteria of the Nasdaq Capital Market (other than the minimum bid price requirement) as of the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the initial 180-day period. For a majority of the initial 180-day period, Bluefly met these criteria and therefore expected that it would be granted the additional extension. However, due to the decrease in the price of the company's common stock over the past few weeks, it did not meet the public float requirement of Nasdaq's initial listing criteria as of the determination date, and therefore was not granted the additional extension. About Bluefly, Inc. Founded in 1998, Bluefly, Inc. (NASDAQ Capital Market: BFLY) is a leading online retailer of designer brands, fashion trends and superior value. Bluefly is headquartered at 42 West 39th Street in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , in the heart of the Fashion District. For more information, please call 212-944-8000 or visit www.bluefly.com. |
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