Cygne Receives Nasdaq Notice Letter.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 -- Cygne Designs, Inc. (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 : CYDS CYDS Centre for Youth Drug Studies (Australia) ) today announced it received a Nasdaq Staff Deficiency Letter Deficiency letter Notification from the SEC to a prospective issuer of securities that revisions or additions need to be made to the preliminary prospectus. deficiency letter on July 16, 2008 indicating that the Company fails to comply with the minimum bid price requirement for continued listing set forth in Marketplace Rule 4310(c)(4). The letter gives the Company notice that the bid price of its common stock has closed under $1.00 for the last 30 consecutive business days. Pursuant to Nasdaq Marketplace Rule 4310(c)(8)(D), the Company was provided 180 calendar days to regain compliance. The Company did not regain compliance within the prescribed period and is not eligible for an additional 180 day compliance period. Accordingly, unless the Company requests an appeal of the determination, trading of the Company's common stock will be suspended at the opening of business on July 25, 2008 and the Company's securities will be removed from listing and registration on 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. . Cygne Designs, Inc. is a designer, merchandiser, manufacturer and distributor of branded and private label women's denim, casual and career apparel and men's denim apparel with sales to retailers located in the United States. Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those projected. Such risks and uncertainties are discussed more fully in the Company's Annual Report on Form 10-K for the year ended January 31, 2008 and the Company's other filings with the Securities and Exchange Commission. |
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