Nasdaq has warned television and online shopping channel Evine Live Inc. that it is in danger of being delisted from the stock exchange, a move that is triggered when a company's stock price dips below $1 at the closing bell for 30 consecutive business days.
The Eden Prairie-based company has 180 calendar days, or until July 15, to regain compliance or be dropped, according to a letter received on Monday from Nasdaq, the world's second-largest stock exchange.
Evine's fortunes and stock have had a rocky ride for a number of years. Earlier this year, it fell off the Chicago Stock Exchange.
Evine also faced delisting from the Nasdaq in 2016, but was able to regain compliance.
In a statement contained with regulatory filings, Evine Live officials said the company "will consider available options" to resolve the deficiency and regain compliance with the rule. Options often include a reverse stock split.
"There is no assurance, however, that the company will be eligible for an additional compliance period or that the company's common stock will not be delisted from Nasdaq," according to the statement.
Evine, which lags behind competitors QVC and HSN in the cable shopping industry, considered 2018 to be the final year of a three-year turnaround. The company made a big splash in late November by announcing a partnership with Jane Fonda to develop a line of clothing and accessories that Fonda would pitch during shows from Evine's new Los Angeles studio.
But the announcement came amid poor third-quarter results that included a loss of $9.1 million. Earlier this month, President Anne Martin-Vachon decided to step down after just four months.
Shares closed Thursday at 59 cents.
Jackie Crosby • 612-673-7335 Twitter: @JackieCrosby
