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Parlux

This article was originally published in The Rose Sheet

Executive Summary

Fragrance company will request a hearing before the Nasdaq Listing Qualifications Panel after Nasdaq informed the company that its stock is subject to delisting due to the firm's delay in filing Form 10-K for the period ended March 31, Parlux reports July 5. A possible delisting of the stock will be deferred pending the panel's review and determination, company notes. Until that time, Parlux' common stock will continue to be traded on the Nasdaq market, but the firm's trading symbol will be changed from PARL to PARLE. On June 9, Parlux filed an extension for its annual report for the fiscal year because it was unable to complete certain new requirements by the initial filing date (1"The Rose Sheet" June 19, 2006, In Brief). Shortly thereafter, Parlux CEO Ilia Lekach made an unsolicited offer to take the fragrance company private for $29 per share. However, an independent committee of the firm's board of directors responded it was not "prudent" to move forward in accepting the offer due to "significant financial and other contingencies contained in the proposal" (2"The Rose Sheet" July 3, 2006, In Brief)...
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