ICONIX BRAND GROUP, INC. (NASDAQ:ICON) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
On May 29, 2019, Iconix Brand Group, Inc. (the “Company”) received written notice from the Staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the Company’s non-compliance with the $15 million minimum market value of publicly held shares (“MVPHS”) requirement for continued listing on The Nasdaq Global Select Market as of May 28, 2019, as set forth in Nasdaq Listing Rule 5450(a) (the “MVPHS Requirement”), the deficiency could serve as an additional basis for delisting from Nasdaq and, as such, the Nasdaq Hearings Panel (the “Panel”) would consider the additional deficiency in connection with the Company’s prior hearing before the Panel.
At the hearing, the Company presented its plan to evidence compliance with the minimum $1.00 per share bid price requirement and all other applicable requirements for continued listing on Nasdaq. The Company was subsequently notified by Nasdaq that the Company had evidenced full compliance with the bid price requirement; however, the Panel retained jurisdiction of the matter in light of the impending MVPHS deficiency, which was set to expire on May 28, 2019.
The Company has already submitted to the Panel its plan to evidence compliance with the MVPHS Requirement and requested an extension within which to do so. The Company is awaiting the Panel’s response to the compliance plan, and is diligently working to evidence compliance with all applicable Nasdaq listing criteria; however, there can be no assurance that the Panel will grant the Company’s request for continued listing on Nasdaq or that the Company will be able to satisfy the MVPHS Requirement within any extension that may be granted to the Company by the Panel.
About ICONIX BRAND GROUP, INC. (NASDAQ:ICON)
Iconix Brand Group, Inc. is a brand management company. The Company owns a diversified portfolio of consumer brands across women’s, men’s, home and entertainment categories. The Company operates through five segments: men’s, women’s, home, entertainment and corporate. The Company’s brand portfolio includes brands, such as Candie’s, Bongo, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific/OP, Danskin/Danskin Now, Rocawear/Roc Nation, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Ecko Unltd/Mark Ecko Cut & Sew, Zoo York, Umbro, Lee Cooper, Strawberry Shortcake and Artful Dodger, and interests in Material Girl, Peanuts, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands. It operates in various geographic regions, including the United States, Japan and Other (which principally represent Latin America and Europe).