Stein Mart Receives Approval from Nasdaq for Transfer of Listing to Nasdaq Capital Market
January 07 2020 - 9:23AM
Stein Mart, Inc. (NASDAQ: SMRT) today announced that it received
approval from the Listing Qualifications Department of The
Nasdaq Stock Market ("Nasdaq") to transfer the listing of the
Company's common stock from the Nasdaq Global Select
Market to the Nasdaq Capital Market,
effective January 8, 2020. The Company has also been granted
an additional 180-day grace period, or until July 6, 2020, to
regain compliance with Nasdaq's minimum bid price requirement (the
"Minimum Bid Price Requirement"). The Nasdaq Capital
Market operates in substantially the same manner as
the Nasdaq Global Select Market, and listed companies must
meet certain financial requirements and comply with Nasdaq's
corporate governance requirements. The Company's common stock will
continue to trade under the symbol "SMRT."
To regain compliance with
the Minimum Bid Price Requirement and qualify for continued listing
on the Nasdaq Capital Market, the minimum bid price per share
of the Company's common stock must be at least $1.00 for
at least ten consecutive business days during the additional
180-day grace period. If the Company does not regain compliance
during this additional grace period, its common stock would be
subject to delisting by Nasdaq. As part of its transfer
application, the Company notified Nasdaq that if the stock price
does not recover sufficiently during the additional grace period,
it intends to take actions to regain compliance with the minimum
bid price requirement, including by effecting a reverse stock
split, if necessary.
About Stein Mart Stein Mart, Inc. is a
national specialty omni off-price retailer offering designer and
name-brand fashion apparel for him, for her and now for Kids!, home
décor, accessories and shoes at everyday discount
prices. Stein Mart provides real value that customers
love every day. The company operates 283 stores across 30 states.
For more information, please visit www.SteinMart.com.
Forward-Looking
StatementThe statements in this press release regarding
future events and expectations, including without limitation, the
ability to regain compliance with the Minimum Bid Price Requirement
and qualify for continued listing on the Nasdaq Capital Market
and the potential implementation of a reverse stock split, are
forward-looking statements involving risks and uncertainties that
can cause actual results to differ materially from those in such
forward-looking statements. Potential risks and uncertainties
include, but are not limited to, the continued failure of the
Company's common stock to trade at prices above $1.00 per
share, the risk of being delisted from the Nasdaq Capital
Market, and changes to Nasdaq's continued listing standards. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in Stein Mart's Form 10-Q for the 39 weeks
ended November 2, 2019 filed with the U.S. Securities and
Exchange Commission (“SEC”) on December 4, 2019 under the
heading "Risk Factors" and the Company’s other filings with
the SEC.
For more information:Linda L. TasseffDirector, Investor
Relations(904) 858-2639ltasseff@steinmart.com
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