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Odimo.com to be de-listed.
Odimo Incorporated, an online retailer that offers brand name watches and luxury goods through two websites, received a letter from The Nasdaq Stock Market ("Nasdaq") on August 3, 2006, informing the company that its securities will be delisted from quotation on The Nasdaq Global Market effective at the opening of business on August 14, 2006.
On May 2, 2006, Nasdaq informed Odimo that its common stock had not maintained a minimum value of publicly held shares of $5 million over the previous 30 consecutive trading days, and as a result, did not comply with Marketplace Rule 4450(a)(2).
According to Marketplace Rule 4450(e)(1), the company was granted 90 calendar days, or until July 31, 2006, to regain compliance with the rule. Odimo did not regain compliance and as a result, Nasdaq determined to delist the company’s securities from quotation on the Nasdaq Global Market.
Odimo.com recently sold it's Diamond.com name. rights, and website to Ice.com for 9.5 million dollars after having lost considerale amounts of money trying to compete in the ulta-competitive Internet diamond marketplace.
We blogged about their diamond troubles here:
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