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Diamond E-Tailer Odimo.com In Trouble: Signs of Things to Come?
Odimo Incorporated (Nasdaq: ODMO), an online retailer that offers high quality diamonds, fine jewelry, brand name watches and luxury goods through three websites (diamond.com, ashford.com, and worldofwatches.com), today announced that it received a notice from The Nasdaq Stock Market ("Nasdaq") dated May 2, 2006
indicating that for the prior 30 consecutive trading days, the Company's common stock has not maintained a minimum market value of publicly held shares of $5,000,000 as required for continued inclusion by Marketplace
Rule 4450(a)(2) (the "Rule").
For purposes of the Rule, Nasdaq defines publicly held shares as total shares outstanding, less any shares held by officers, directors, or beneficial owners of 10% or more of the outstanding
shares. In accordance with Marketplace Rule 4450(e)(1), the Company was provided 90 calendar days, until July 31, 2006, to regain compliance by having its publicly held shares maintain a market value of $5,000,000 or
greater for a minimum of ten consecutive trading days.
Bluenile.com and Amazon.com reported 1Q results yesterday that were not good. Bluenile showed higher sales but profits were down 9% and Amazon.com also reported higher sales but with profits down by 35%.
For Bluenile, this is the second consecutive quarter of reported lower profits.
We may be seeing the beginnings of a shakeout among diamond and jewelry e-commerce company websites.
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