Wet Seal Inc. has until Feb. 17 to bring its stock at $1 per share or more for 10 consecutive days or face delisting by Nasdaq, the exchange warned in a letter to the Foothill Ranch-based retailer earlier this week.
Wet Seal shares have closed below the $1 minimum required for continued listing for the prior 30 trading days. It can apply for a two 180-day extensions if it misses the deadline, provided it meets other requirements.
Wet Seal said it intends to “actively monitor the bid price for its common stock and will consider available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirement.”
Its shares closed at 92 cents on Thursday, for a market value of about $77.7 million.
