NEW YORK–NexCen Brands, the parent company of the Waverly brand, has received a warning that its stock could be delisted by Nasdaq.
According to a NexCen statement, the company has not complied with Nasdaq requirements because for the past 30 consecutive days leading to July 8, the bid price for its common stock had closed below the required $1 per share. NexCen has until Jan. 5, 2009, to regain its compliance with the minimum requirement.
NexCen posted a 2007 loss of $4.6 million. In June, the company said it was considering selling both its Waverly and Bill Blass brands, and that it was negotiating with its lender, BTMU Capital Corp., to restructure its lending facility. NexCen also reached an agreement with BTMU Capital that gives it near-term access to additional cash from its lockbox accounts, and limited forbearance from “certain alleged defaults under its bank borrowing facility,” the statement said.
