IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On March 10, 2017, Ignite Restaurant Group, Inc. (the “Company”) received a notice (the “Notice”) from the Office of General Counsel of the Nasdaq Stock Market (“Nasdaq”) indicating that the Nasdaq Hearings Panel (the “Panel”) has determined that the Company’s securities would be delisted from The Nasdaq Global Select Market. Accordingly, trading of the Company’s common stock was suspended at the opening of business on March 14, 2017, and a Form 25-Notification of Delisting will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq.
The Notice indicated that the Panel’s determination was based on concerns about the Company’s ability to sustain compliance with all requirements for continued listing on The Nasdaq Stock Market. Specifically, on July 28, 2016, Nasdaq Listing Qualifications Staff (the “Staff”) notified the Company that it was no longer in compliance with Nasdaq Marketplace Rule 5450(b)(3)(C) since the market value of its publicly held shares closed below the required minimum of $15,000,000 for the previous 30 consecutive business days. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(D), Staff granted the Company a 180-day period, or until January 24, 2017, to regain compliance. The Company was unable to regain compliance with Rule 5450(b)(2)(C) by January 24, 2017. Accordingly, on January 25, 2017, the Company received a letter from Staff notifying it that the Company’s common stock would be delisted from The Nasdaq Global Select Market on February 3, 2017 unless the Company timely requested a hearing before the Panel. The Company appealed the Staff’s determination by requesting a hearing before the Panel to seek continued listing. On March 10, 2017, the Panel determined that the Company’s shares would be delisted from The Nasdaq Stock Market effective at the open of business on March 14, 2017.
The Company’s common stock will be eligible to trade in the over-the-counter (“OTC”) market.
About IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG)
Ignite Restaurant Group, Inc. is a diversified restaurant company. The Company operates a portfolio of two restaurant brands, including Joe’s Crab Shack (Joe’s) and Brick House Tavern + Tap (Brick House). The Company manages its restaurant brands, Joe’s and Brick House, as operating segments. Joe’s and Brick House operate in a set of markets across the United States. As of June 27, 2016, it operated127 Joe’s restaurants and 26 Brick House restaurants in 33 states within the United States and franchised one Joe’s restaurant in Dubai, the United Arab Emirates (U.A.E). Joe’s restaurants’ menus include the Steampots and Buckets of Crab categories, which allow guests to choose between seasonal varieties of crab (Queen, Snow, Dungeness and King) and whole lobster. As of December 28, 2015, Brick House’s menu included 13 appetizers; 38 entrees; a Meatball category, including Greek, buffalo chicken and drunken pork varieties; seasonal daily specials; brunch; dessert, and specialty cocktails. IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG) Recent Trading Information
IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG) closed its last trading session down -0.050 at 0.370 with 194,868 shares trading hands.