Briazz, Inc. (Nasdaq:BRZZ) today announced it has been granted a written hearing regarding the Company's Nasdaq National Market listing.
Nasdaq has notified Briazz that a written hearing has been scheduled for Dec. 19, 2002, to review the staff determination that the company fails to comply with Marketplace Rule 4450(a)(2), which requires that an issuer maintain a minimum market value of publicly held shares of $5,000,000 to continue listing on the Nasdaq National Market. Nasdaq also notified Briazz on November 21, 2002 that it fails to comply with Marketplace Rules 4450(a)(3) and 4450(b)(1), which require an issuer to maintain a minimum stockholders' equity of $10,000,000 or a market capitalization of $50 million or total assets and total revenue of $50 million each for the most recently completed fiscal year or two of the last three most recently completed fiscal years, and Marketplace Rule 4450(a)(5), which requires an issuer to maintain a minimum bid price of $1.00 per share.
Nasdaq has recommended that the company address these issues at the hearing.
The company will continue to trade on the Nasdaq National Market under the symbol BRZZ pending the outcome of these proceedings. Briazz says there can be no assurance that the company will be able to regain compliance with Nasdaq's continued listing requirements or that Nasdaq will grant the company's request for continued listing on the National Market.