Company Website:
http://www.joesjeans.com
LOS ANGELES -- (Business Wire)
Joe’s Jeans Inc. (NASDAQ: JOEZ) announced today that the Company
received a letter on November 24, 2014 from The Nasdaq Stock Market
indicating that the Company is not in compliance with Nasdaq Listing
Rule 5550(a)(2) (the “Bid Price Rule”) because the closing bid price per
share of its common stock has been below $1.00 per share for 30
consecutive trading days. The Nasdaq letter was issued in accordance
with standard Nasdaq procedures. In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company will be provided with 180 calendar days, or
until May 26, 2015, to regain compliance with the Bid Price Rule.
To regain compliance with the Bid Price Rule, the closing bid price of
the Company’s common stock must remain at $1.00 per share or more for a
minimum of 10 consecutive trading days. If the Company does not regain
compliance within this period, the Company may be eligible for
additional time to regain compliance by satisfying certain requirements.
If the Company is not eligible for an additional compliance period,
Nasdaq will provide the Company with written notification that its
common stock will be delisted. At that time, the Company may appeal
Nasdaq’s determination to delist its common stock to the Nasdaq Hearings
Panel.
This notification has no immediate effect on the listing of its common
stock at this time and the shares will continue to trade on the Nasdaq
Capital Market under the ticker “JOEZ”. The Company intends to monitor
the bid price of its common stock and consider available options if its
common stock does not trade at a level likely to result in the Company
regaining compliance with the Bid Price Rule by May 26, 2015.
About Joe’s Jeans Inc.
Joe’s Jeans Inc. designs, produces and sells apparel and apparel-related
products to the retail and premium markets under the Joe’s® brand and
related trademarks. More information is available at the company website
at www.joesjeans.com.
This release contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, as amended.The matters discussed in this
document involved estimates, projections, goals, forecasts, assumptions,
risks and uncertainties that could cause actual results or outcomes to
differ materially from those expressed in the forward-looking statements.All statements in this news release that are not purely historical
facts are forward-looking statements, including statements containing
the words “intend,” “believe,” “estimate, “project,” “expect” or similar
expressions.Any forward-looking statement inherently involves
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements.Factors that
would cause or contribute to such differences include, but are not
limited to: the risk that the Company will be unsuccessful in regaining
compliance with Nasdaq Listing Rules, the risk that the Company will be
unsuccessful in remedying its defaults under its term loan and revolving
credit agreement and other subordinated debt, the risk that changes in
general economic conditions, consumer confidence, or consumer spending
patterns will have a negative impact on the Company’s financial
performance or strategies; the highly competitive nature of the
Company’s business in the United States and internationally and its
dependence on consumer spending patterns, which are influenced by
numerous other factors; the Company’s ability to respond to the business
environment and fashion trends; continued acceptance of the Company’s
brands in the marketplace; successful implementation of any growth or
strategic plans; effective inventory management; the Company's ability
to continue to have access on favorable terms to sufficient sources of
liquidity necessary to fund ongoing cash requirements of its operations,
which access may be adversely impacted by a number of factors, including
the reduced availability of credit generally and the substantial
tightening of the credit markets, including lending by financial
institutions, who are sources of credit for the Company, the recent
increase in the cost of capital, the level of the Company's cash flows,
which will be impacted by the level of consumer spending and retailer
and consumer acceptance of its products; the ability to generate
positive cash flow from operations; competitive factors, including the
possibility of major customers sourcing product overseas in competition
with our products; the risk that acts or omissions by the company’s
third party vendors could have a negative impact on the company’s
reputation; a possible oversupply of denim in the marketplace; the risk
that the Company will be unsuccessful in gauging fashion trends and
changing customer preferences; the ability of the Company to be
successful in its license product categories and its licensing strategy,
and other risks.The Company discusses certain of these factors
more fully in its additional filings with the SEC, including its last
annual report on Form 10-K and quarterly report on Form 10-Q filed with
the SEC, and this release should be read in conjunction with those
reports, together with all of the Company’s other filings, including
current reports on Form 8-K, made with the SEC through the date of this
release.The Company urges you to consider all of these risks,
uncertainties and other factors carefully in evaluating the
forward-looking statements contained in this release.
Any forward-looking statement is based on information current as of
the date of this document and speaks only as of the date on which such
statement is made, and the Companyundertakes no obligation to
update these statements to reflect events or circumstances after the
date on which such statement is made.Readers are cautioned not
to place undue reliance on forward-looking statements.
Contacts:
Joe’s Jeans Inc.
Hamish Sandhu
323-837-3700 x 304
Source: Joe’s Jeans Inc.
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