|Orange 21 Inc. Receives Letter From Nasdaq Regarding Failure to Meet
Minimum Bid Price|
|CARLSBAD, Calif., Mar 22, 2010 (BUSINESS WIRE) -- Orange 21 Inc. (NASDAQ:ORNG), a leading designer, producer and
distributor of sunglasses, prescription eyewear, snow and motocross
goggles, and branded apparel and accessories for the action sports,
motorsports, snowsports and lifestyle markets, announced today that on
March 16, 2010 it received a letter from the Nasdaq Stock Market. This
letter served as a follow up to its letter received on September 16,
2009, which indicated that the bid price of the Company's common stock
had closed below the $1.00 minimum bid price for 30 consecutive business
days preceding the date of the letter, and as a result did not comply
with Listing Rule 5550(a)(2) (the "Rule"). In accordance with Listing
Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until
March 15, 2010, to regain compliance with the minimum bid price required
under the Rule.
The March 16, 2010 letter from Nasdaq indicated that the Company had not
regained compliance with the Rule and is not eligible for an additional
180 day compliance period given that it does not meet the Nasdaq Capital
Market initial listing standard set forth in Listing Rule 5505.
Accordingly, its securities will be delisted from the Nasdaq Capital
Market on March 25, 2010 unless the Company requests an appeal to the
Nasdaq's determination to a Hearings Panel in accordance with Listing
Rule 5800 Series. The Company does not plan to request an appeal and,
accordingly, trading in the Company's common stock on the Nasdaq Capital
Market will be suspended at the opening of business on March 25, 2010.
The Company expects its common stock to be quoted on the OTC Bulletin
Board and the Pink Sheets beginning on March 25, 2010.
About Orange 21 Inc.
Orange 21 designs, develops, markets and produces premium products for
the action sports, motorsports, snowsports and lifestyle markets under
the brands Spy Optic, O'Neill and Margaritaville.
Safe Harbor Statement
This press release contains forward-looking statements. These statements
relate to future events or future financial performance and are subject
to risks and uncertainties. In some cases, you can identify
forward-looking statements by terminology such as "may," "will,"
"should," "expect," "plan," "anticipate," "believe," "feel," "estimate,"
"predict," "potential" or "continue," the negative of such terms or
other comparable terminology. Specifically, comments in this press
release regarding our ability to resolve the deficiency and regain
compliance with the minimum bid price requirement or our potential
eligibility for an additional grace period are forward-looking
statements and are subject to inherent risks. These statements are only
predictions. Actual events or results may differ materially. Factors
that could cause actual results to differ from those contained in the
forward-looking statements include, but are not limited to: failure of a
broker/dealer to make a successful application to quote our shares on
the OTC Bulletin Board and/or Pink Sheets; failure to otherwise satisfy
the requirements of Rule 15c2-11 under the Securities Exchange Act of
1934, as amended; our ability to satisfy the requirements for
maintaining a quotation for our common stock on the OTC Bulletin Board;
and other risks identified from time to time in our filings made with
the U.S. Securities and Exchange Commission. Although, we believe that
the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results. Moreover, we assume no
responsibility for the accuracy or completeness of such forward-looking
statements and undertake no obligation to update any of these
SOURCE: Orange 21 Inc.
Orange 21 Inc.
A. Stone Douglass, Chief Executive Officer