Bluefly Regains Compliance with Nasdaq Requirements.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 had regained compliance with all 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 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. . Bluefly, Inc. had previously announced that it was not in compliance with the $1.00 minimum per share requirement for continued listing as set forth in Marketplace Rule 4310(c)(4), and had been granted an extension by the Nasdaq Listing Qualifications Panel to regain compliance. Because Bluefly's Common Stock closed at a price above $1.00 or more for ten consecutive trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. , it regained compliance with such rule as of April 17, 2008. In addition, on April 16, 2008, Bluefly received a letter from the Nasdaq Staff stating that it had determined that the company had failed to comply with the shareholder approval rules set forth in Marketplace Rule 4350(i)(1)(A) because certain warrants issued to stockholders of Bluefly, Inc., who have representation on the Board of Directors, had originally been issued with an exercise price based on the twenty-day trailing stock price, which was lower than the closing price of the Company's Common Stock on the day prior to issuance. While the warrants had been issued in consideration for the financing commitment provided by these shareholders, Nasdaq advised that they could be deemed equity compensation to affiliated parties and therefore subject to Nasdaq rules requiring shareholder approval of below-market issuances. Notwithstanding this, the Nasdaq Staff determined that Bluefly, Inc. had regained compliance with such rule by amending the warrants to increase the exercise price. Accordingly, Bluefly believes that it has now resolved all outstanding issues regarding Nasdaq listing requirements. 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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