SUMMER INFANT,INC. (NASDAQ:SUMR) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Ruleor Standard; Transfer of Listing
On April4, 2019, Summer Infant,Inc., a Delaware corporation (the “Company”), received a letter (the “Notice”) from the Listing Qualifications staff of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock for the last 30 consecutive business days, the Company no longer meets the requirement to maintain a minimum bid price of $1.00 per share, as set forth in Nasdaq Listing Rule5550(a)(2).
In accordance with Nasdaq Listing Rule5810(c)(3)(A), the Company has been provided a period of 180 calendar days, or until October1, 2019, in which to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of 10 consecutive business days during this 180-day period. If the Company does not regain compliance within this 180-day period, the Company may be eligible to seek an additional compliance period of 180 calendar days if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and provides written notice to Nasdaq of its intent to cure the deficiency during this second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice to the Company that its common stock will be subject to delisting.
The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options to regain compliance.
About SUMMER INFANT,INC. (NASDAQ:SUMR)
Summer Infant, Inc. (Summer) is an infant and juvenile products company. The Company creates branded juvenile safety and infant care products (targeted for ages 0 to 3 years) that are focused to deliver a range of parenting solutions to families. It markets over 1,100 products in various product categories, including monitoring, safety, nursery, baby gear and feeding products. Its Anchor products in range product categories include monitoring, such as Wireless Fidelity (Wi-Fi)/Internet, video, audio and prenatal; safety, including gates, bath, potties, boosters, super seats, entertainers and infant massage; nursery, such as swaddle, travel accessories, safe sleep and soothers; baby gear, including strollers, bassinets, high chairs and playards, and feeding products, such as bottles, drinking cups, bibs and placemats, electronics and pacifiers. The Company’s portfolio of brands, under which it markets all of its products, includes Summer Infant, Born Free, SwaddleMe and Kiddopotamus.