Escala (Nasdaq: ESCL) receives Nasdaq delisiting notice Some of Escala’s Group companies are Greg Manning Auctions, Ivy & Manning Philatelic Auctions, H.R. Harmer, and Nutmeg Stamp Sales, all of North America. Escala received a Nasdaq delisting notice.
results of operations. (5) The Company has incurred significant expenses in connection with the SEC and Audit Committee investigations and the class actions and derivative lawsuits and is expected to continue to incur significant additional expenses to the extent these matters are not settled and otherwise resolved. The Company also expects to incur legal fees in connection with matters relating to Afinsa, including making a claim in Afinsa’s bankruptcy proceedings. Responding to these inquiries and proceedings has in the past diverted, and is likely to continue to diver, the time and attention of our management from regular business operations. (6) The Company faces substantial business and financial risks and uncertainties as a result of the loss of Afinsa as its major customer. (7) As a result of the failure to file, the Company is not in compliance with the continued listing requirements of the Nasdaq Stock Market and has received a delisting determination letter from Nasdaq. If the Company does not make all required filings prior to a negative determination from a Nasdaq Hearing Panel, or prior to the expiration of any conditional listing exception the Company is able to obtain from a Nasdaq Hearing Panel, the Company's securities will be delisted from the Nasdaq Stock Market. Delisting, or potential delisting, of the Company's securities may have a material adverse effect on the liquidity and/or trading price of the Company's common stock and the Company's ability to access capital markets.
The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan" and similar expressions and variations thereof identify certain of such forward- looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
(ESCL)
Contacts
Escala Group
Perry Hall, 212-421-9400
phall@escalgroup.com
