Kid Brands Receives Continued Listing Standards Notice From the New York Stock Exchange
February 14 2014 - 5:15PM
Marketwired
Kid Brands Receives Continued Listing Standards Notice From the New
York Stock Exchange
EAST RUTHERFORD, NJ--(Marketwired - Feb 14, 2014) - Kid Brands,
Inc. (NYSE: KID) today announced that on February 13, 2014, it
received formal notification from the New York Stock Exchange (the
"NYSE") that the Company is not in compliance with the NYSE's
continued listing standard contained in Rule 802.01C of the NYSE
Listed Company Manual because the average closing price of the
Company's common stock as reported on the consolidated tape was
less than $1.00 over a consecutive 30 trading-day period (the
"Minimum Price Requirement").
In accordance with NYSE rules, which the Company intends to
comply with, the Company needs to notify the NYSE within
10 business days of the receipt of the NYSE's formal notification
of its intent to cure this deficiency. The Company can regain
compliance at any time during a six-month cure period if, on the
last trading day of any calendar month during the cure period, the
Company's common stock has a closing share price of at least $1.00
and an average closing share price of at least $1.00 over the 30
trading-day period ending on the last trading day of that
month. The rules call for the NYSE to commence suspension and
delisting procedures if both a $1.00 closing share price on the
last trading day of the cure period and a $1.00 average closing
share price over the 30 trading-day period ending on the last
trading day of the cure period are not attained.
The Company intends to actively monitor the closing price of its
common stock and to consider available options to resolve the
deficiency within the requisite time period. Even if the Company is
able to regain compliance with the Minimum Price Requirement, the
Company may not be able to maintain compliance with the NYSE's
other continued listing standards. Additional information with
respect to the Company's status regarding its compliance with the
NYSE's other listing criteria is discussed in its Current Report on
Form 8-K filed today.
The Company's common stock continues to trade on the NYSE.
Kid Brands, Inc.
Kid Brands, Inc. and its subsidiaries are leaders in the design,
development and distribution of infant and juvenile branded
products. Its design-led products are primarily distributed through
mass market, baby super stores, specialty, food, drug, independent
and ecommerce retailers worldwide.
The Company's current operating subsidiaries consist of: Kids
Line, LLC; LaJobi, Inc.; Sassy, Inc.; and CoCaLo, Inc. Through
these wholly-owned subsidiaries, the Company designs, manufactures
(through third parties) and markets branded infant and juvenile
products in a number of complementary categories including, among
others: infant bedding and related nursery accessories and décor
and nursery appliances (Kids Line® and CoCaLo®); nursery furniture
and related products (LaJobi®); and developmental toys and feeding,
bath and baby care items with features that address the various
stages of an infant's early years, including the Kokopax® line of
baby gear products (Sassy®). In addition to the Company's branded
products, the Company also markets certain categories of products
under various licenses, including Carter's®, Disney®, Graco® and
Serta®. Additional information about the Company is available at
kidbrands.com.
Note: This press release contains certain forward-looking
statements. Additional written and oral forward-looking statements
may be made by the Company from time to time in Securities and
Exchange Commission (SEC) filings and otherwise. The Private
Securities Litigation Reform Act of 1995 provides a safe-harbor for
forward-looking statements. These statements may be identified by
the use of forward-looking words or phrases, including, but not
limited to, "believe", "plan", "anticipate", "may", "potential",
"should", "will", "would", "could", "might", "possible",
"contemplate", "continue", "expect", "intend", and/or
"seek". The Company cautions readers that results predicted by
forward-looking statements, including, without limitation, those
relating to our future business prospects, revenues, working
capital, liquidity, capital needs, interest costs and income are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those indicated in the
forward-looking statements. Specific risks and uncertainties
include, but are not limited to, those set forth under Part I, Item
1A, Risk Factors, of the Company's most recent Annual Report on
Form 10-K and any subsequent Quarterly Reports on Form 10-Q, each
as filed with the SEC. Forward-looking statements speak only as of
the date the statements are made. Except as required under the
federal securities laws and rules and regulations of the SEC, the
Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
CONTACT: FTI
CONSULTING Leigh Parrish/Daniel Haykin 212-850-5600
Kid Brands (CE) (USOTC:KIDBQ)
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