Cygne Designs, Inc. Announces Temporary Postponement of Nasdaq National Market Scheduled Delisting of Common Stock.NEW YORK--(BUSINESS WIRE)--April 14, 1998--Cygne Designs, Inc. (Nasdaq: CYDS CYDS Centre for Youth Drug Studies (Australia) ) announced today that 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. , Inc. has informed the Company that the scheduled 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. of its common stock from The Nasdaq National Market has been temporarily postponed from April 14, 1998 until May 29, 1998. As previously announced, the Company's common stock is scheduled for delisting because the Company does not meet certain 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. of The Nasdaq National Market, including the maintenance of a minimum bid price of at least $1 per share. The Company cannot predict what effect its delisting from the Nasdaq National Market will have on the market price and liquidity of the Company's common stock. The Company believes that after such delisting the Company's common stock would be eligible for quotation on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. , although no assurance can be given that a market for the Company's common stock on the OTC Bulletin Board will actually develop. Cygne Designs, Inc. is a private label merchandiser and manufacturer of woven and knit career and casual clothing for women. CONTACT: Roy E. Green Chief Financial Officer 212-354-6474 or IR CONTACT: Shannon Moody Press: Michael McMullan Morgen-Walke Associates 212-850-5600 |
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