LightInTheBox receives NYSE non-compliance notice
LightInTheBox announced that it received a letter from the NYSE, indicating that the company is "below criteria" due to the average closing price of the company's ADSs being less than $1.00 over a consecutive 30-trading-day period. The NYSE requires the average closing share price of a listed company's ADSs to be at least $1.00 per share over any consecutive 30 trading-day period. The company has six months to cure the deficiency and can regain compliance at any time if on the last trading day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. If at the expiration of the cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures. The company will notify the NYSE that it will take steps to cure this deficiency within the prescribed timeframe. Until then, the company's ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and other rights of the NYSE to delist the ADSs. The company is currently in compliance with all other NYSE continued listing standards. The NYSE notification does not affect the company's business operations or its Securities and Exchange Commission reporting requirements.