Corgi Intl Ltd Ads (MM) (NASDAQ:CRGI)
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Corgi International Limited (Nasdaq:CRGI) today announced that it
received notice on June 16, 2008 from the staff of The Nasdaq Stock
Market, Inc. indicating that Corgi is not in compliance with The Nasdaq
Stock Market’s requirements for continued
listing because, for the previous 30 consecutive business days, the bid
price of Corgi’s American Depository Shares (“ADSs”)
has closed below the minimum $1.00 per share requirement for continued
inclusion under Nasdaq Marketplace Rule 4450(a)(5) (the “Minimum
Bid Price Rule”). Corgi has until December 15,
2008 (180 days from June 16, 2008) to regain compliance with the Minimum
Bid Price Rule. Corgi can regain compliance with the Minimum Bid Price
Rule if the bid price of Corgi’s ADSs closes
at $1.00 per share or more for a minimum of 10 consecutive business days
before December 15, 2008. If compliance is not achieved by December 15,
2008, Nasdaq staff will provide written notification to Corgi that its
securities will be delisted.
In the event that Corgi receives notice that its ADSs are delisted,
Nasdaq rules permit Corgi to appeal any delisting determination by
Nasdaq staff to a Nasdaq Listings Qualifications Panel. In addition, the
Nasdaq Marketplace Rules may permit the Company to transfer its ADSs to
the Nasdaq Capital Market if the Company’s
ADSs satisfy all criteria for initial inclusion on such market other
than compliance with the Minimum Bid Price Rule. In the event such
transfer were approved, the Nasdaq Marketplace Rules provide that the
Company would be provided an additional 180 calendar days to comply with
the Minimum Bid Price Rule while on the Nasdaq Capital Market.
About Corgi International
Corgi International Limited is a global Pop Culture company, which
develops and markets innovative and high-quality licensed and
non-licensed toys, gifts and collectables distributed via direct,
specialty, hobby, collector and mass retail channels worldwide. Marketed
under the brand names Master Replicas, PopCo and H2go, the Company’s
line of products range from premium entertainment prop replicas and
limited edition memorabilia to traditional toys and gift merchandise.
The Company holds varying licenses for many of entertainment’s
highest grossing franchises including Disney Classics, Harry Potter,
James Bond, Star Trek, Nintendo, Halo and The Beatles, amongst others.
Corgi International Limited also has partnerships with cutting edge
technology innovators around the world.
The Company is headquartered in Hong Kong, with operations in Walnut
Creek, California, USA and in Watford and Leicester, UK.
“Safe Harbor”
Statement under the U.S. Private Securities Litigation Reform Act of
1995: Certain statements contained in this press release may be
forward-looking. These statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
anticipated. Such risks and uncertainties include, without limitation,
changes in market demand for Corgi International products, changes in
economic conditions, dependence on certain customers and licensing
partners, and other risks described in the Company's annual report on
Form 20-F for the fiscal year ended March 31, 2007. The Company
undertakes no obligation to update these forward-looking statements to
reflect subsequent events or circumstances.