Ashford.com Receives Nasdaq Notification
HOUSTON, Sept. 11 -- Ashford.com (Nasdaq: ASFD), the leading e-commerce destination for corporate and personal gifts and rewards, today announced that it has received a letter from the Nasdaq National Market extending the company ninety days to regain compliance with the $5,000,000 minimum market value of public float ("MVPF") requirement stated in Marketplace Rule 4450 (a)(2). In order to comply, the MVPF of Ashford.com`s common stock must achieve a $5,000,000 minimum market value or more for a minimum of 10 consecutive days during that period.
If Ashford.com fails to meet this requirement, it will remain subject to delisting from the Nasdaq National Market. Ashford.com received previous notice from the Nasdaq National Market on April 10, 2001, regarding Ashford.com`s common stock non-compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq. On August 24, 2001, Ashford.com appealed for continued listing in a formal hearing and on August 27, 2001, the shareholders of Ashford.com approved a one-for-ten reverse stock split. The intention of the split is to bring the minimum bid price of its common stock above $1.00 per share, in accordance with the Nasdaq National Market`s continued listing requirements.
About Ashford.com
Ashford.com is the leading e-commerce destination for corporate and personal gifts and rewards. The company`s two e-commerce sites, http://www.ashford.com and http://www.ashfordcorporategifts.com , offer 12,000 attractive gifts and rewards, including watches, jewelry, fragrances, leather accessories, diamonds, sunglasses, and writing instruments from 300 leading brands. Dedicated to creating an exceptional luxury shopping experience, Ashford.com provides overnight shipping on nearly all items, gift packaging, and a 30-day money-back guarantee on all merchandise. It also offers the Ashford.com Protection Plus policy, which provides outstanding productwarranties, customer privacy, and site security. Ashford.com is headquartered in Houston, Texas.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, including statements regarding the Company`s expectations, beliefs, intentions or strategies regarding the future. Forward-looking statements in this press release include but are not limited to, statements regarding the future market value of the price per share of the company`s common stock. All forward-looking statements are based upon information available to the Company as of the date of the statement, and the Company assumes no obligation to update any such forward-looking statement. Ashford and Ashford.com are trademarks, and Ashford.com Protection Plus is a service mark, of Ashford.com, Inc. All other marks are the property of their respective owners.
CONTACT:
Ellen Brooks, Investor Relations
+1-713-369-1300
ebrooks@ashford.com
or
Thane Ryland, Public Relations
+1-608-227-4163
tryland@guild.com
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