Image Contemplates Nasdaq Switch6 Aug, 2008 By: Erik Gruenwedel
What a difference 7 cents per share can make.
Image Entertainment Inc. Aug. 6 said it might move its securities to The Nasdaq Capital Market (formerly known as the Nasdaq SmallCap Market) after receiving notice from the listing board that its shares had not met a minimum market value of $15 million over the past 30 days.
The Chatsworth, Calif.-based distributor has until Nov. 3 to maintain a daily share value of at least $1.22 for 10 days to retain its standing on The Nasdaq Global Market.
Image's shares have been trading from $1.10 to $1.15 per share.
The distributor said it expects to report Aug. 12 its highest net revenue ($31 million) since 2005 when first-quarter fiscal 2009 results are released.
CFO Jeffrey Framer said in a statement the results underscored management's confidence Image could grow revenue and increase shareholder value going forward.
“We just need a little support from the market over the next 90 days, and we will retain our global listing,” reiterated David Borshell, president of Image.