RedEnvelope Receives NASDAQ Delisting Letter
By Staff -- Gifts & Decorative Accessories, 4/10/2008 1:51:00 PM
San Francisco — Online gift retailer RedEnvelope Inc. received a NASDAQ Staff Deficiency Letter earlier this month stating that if Red Envelope had not held an annual meeting of stockholders by April 1 its stock would be subject to delisting. Red Envelope is considering whether to appeal. Red Envelope was already in the process of applying to transfer its NASDAQ listing from the Global to the Capital market, since it no longer has $10 million in shareholder equity.Despite the fact that a new study by Forrester Research for Shop.org predicts that online retail will grow 17 percent this year , RedEnvelope seems to be following the gift business side of its heritage more than the dot-com. In the past couple of years, several gift companies, both wholesale and retail, have been delisted from various stock exchanges, including Sharper Image, The Bombay Co., Enesco, and Yankee Candle.
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