Joe’s Jeans Inc. has regained compliance with Nasdaq listing requirements after maintaining a closing bid price of $1 or above for more than 10 consecutive trading days.
Joe’s was notified by Nasdaq in June that it had fallen below stock price requirements and had until Dec. 5 to regain compliance. With its stock still stuck at between 52 and 62 cents in the first week of December, the Los Angeles-based jeans firm requested and subsequently received from Nasdaq another six months to meet the standard.
The company’s shares have been on the upswing since Feb. 28, when it unveiled plans for a new moderately priced line called Else to be sold exclusively at Macy’s even as it reported a $268,000 net loss, versus a year-ago profit of $817,000, on a 7.7 percent rise in revenues to $25.4 million for the fourth quarter ended Nov. 30. The company recorded a 44.1 percent increase in retail sales for the quarter, to $5.9 million, and attributed some of the red ink to the outlay for its “55 Colors” ad campaign.
Joe’s shares, which closed at 70 cents on Feb. 28, climbed to 86 cents the following day, moved above $1 on March 5 and have closed above that mark every day since March 15. They closed at $1.22 on Friday and were down 2 cents, or 1.6 percent, to $1.20 in morning trading on the Nasdaq Monday following the announcement.
“As we stated previously, we are committed to maintaining our Nasdaq listing and building long-term value for our shareholders,” said Marc Crossman, president and chief executive officer of Joe’s.