While pure-play Internet companies like Amazon and Blue Nile continue to see their businesses grow at a rapid pace, business is less rosy for luxury goods online retailer Odimo, which announced its delisting from NASDAQ, effective Aug. 14, 2006.

The online retailer—which offers brand name watches and luxury goods through ashford.com and worldofwatches.com—said it received a letter from The NASDAQ Stock Market on Aug. 3, informing the company that its securities will be delisted from quotation on the NASDAQ Global Market.

The company had initially been warned of a delisting back on May 2, because its common stock had not maintained a minimum $5 million market value of publicly held shares need for continued inclusion. At the time, Odimo was given 90 days to regain compliance. The company failed to achieve this by the July 31 deadline.

Odimo said in a media release that it expects to be eligible for listing on the OTC Bulletin Board, a regulated quotation service that displays real-time quotes, last sale prices and volume information in the over-the-counter securities. If Odimo's common stock is not quoted on OTC beginning Aug. 14, the common stock will trade in the “pink sheets.”

In May, Odimo sold its Diamond.com assets to rival online player Ice.com for $9.5 million, including $7.5 million for the domain name, related trademarks, copyrights and product images, and $2 million for Odimo's remaining diamond and jewelry inventory and corporate packaging.

Source : nationaljeweler.com

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