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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Iconix Brand Group, Inc.    ICON

ICONIX BRAND GROUP, INC.

(ICON)
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ICONIX BRAND GROUP, INC. : Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing (form 8-K)

10/02/2020 | 04:38pm EST
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
           Standard; Transfer of Listing.



On September 28, 2020, Iconix Brand Group, Inc., a Delaware corporation (the "Company"), received a letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the Company that the minimum bid price per share for its common stock fell below $1.00 for a period of 30 consecutive business days (from August 13, 2020 through September 25, 2020) and that therefore the Company did not meet the minimum bid price requirement set forth in the Nasdaq Listing Rules.

The letter also states that pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company will be provided 180 calendar days to regain compliance with the minimum bid price requirement, which period expires March 29, 2021. In accordance with Rule 5810(c)(3)(A), the Company can regain compliance with the minimum bid price requirement, if, at any time during such 180-day period, the closing bid price of the Company's common stock is at least $1.00 for a minimum period of 10 consecutive business days. If by March 29, 2021, the Company does not regain compliance with the Nasdaq Listing Rules, the Company may be eligible for additional time to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(ii). To qualify, the Company would need to submit a Transfer Application and a $5,000 application fee. In addition, the Company would be required to meet 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 minimum bid price requirement. In addition, the Company would need to provide written notice to Nasdaq of its intention to cure the minimum bid price deficiency during the second compliance period by effecting a reverse stock split, if necessary. As part of its review process, the Nasdaq staff will make a determination of whether it believes the Company will be able to cure this deficiency. Should the Nasdaq staff conclude that the Company will not be able to cure the deficiency, or should the Company determine not to submit a Transfer Application or make the required representation, Nasdaq will provide notice that the Company's shares of common stock will be subject to delisting.

If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company's shares of common stock will be subject to delisting. At such time, the Company may appeal the delisting determination to a Hearings Panel.

The Company intends to monitor its closing bid price for its common stock between now and March 29, 2021, and will consider available options to resolve the Company's noncompliance with the minimum bid price requirement, as may be necessary. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2019 149 M - -
Net income 2019 -112 M - -
Net Debt 2019 599 M - -
P/E ratio 2019 -0,13x
Yield 2019 -
Capitalization 12,1 M 12,1 M -
EV / Sales 2018 3,28x
EV / Sales 2019 4,13x
Nbr of Employees 118
Free-Float 75,7%
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Managers
NameTitle
Robert C. Galvin President, Chief Executive Officer & Director
F. Peter Cuneo Chairman
John T. McClain Chief Financial Officer & Executive Vice President
Drew Cohen Lead Independent Director
James A. Marcum Independent Director
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