Dixie : Failure to Satisfy Listing Rule - Form 8-K
September 29, 2023 at 10:53 am EDT
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On September 27, 2023, The Dixie Group, Inc. (the "Company") received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that the closing bid price for its common stock had been below $1.00 for the previous 30 consecutive business days and that the Company therefore is not in compliance with the minimum bid price requirement for continued inclusion on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(l). The notification has no immediate effect on the listing of the Company's common stock on Nasdaq.
Under the Nasdaq Listing Rules, the Company now has until March 25, 2024, to regain compliance. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 or higher for a minimum of ten consecutive business days, and in such case, Nasdaq will provide the Company with written confirmation of compliance. If the Company does not regain compliance before March 25, 2024, the Company may be eligible for an additional 180 calendar days, provided the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq, except the bid price requirement, and will need to provide written notice to Nasdaq of our intention to cure the deficiency during the second compliance period. If the Company is not eligible or it appears to Nasdaq that the Company will not be able to cure the deficiency during the second compliance period, Nasdaq will provide written notice to the Company that the Company's common stock will be subject to delisting. In the event of such notification, the Company may appeal Nasdaq's determination to delist its securities, but there can be no assurance that Nasdaq would grant the Company's request for continued listing.
The Company intends to take all reasonable measures available to the Company to achieve compliance to allow for continued listing on Nasdaq. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria.
The Dixie Group Inc. published this content on 29 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2023 14:52:42 UTC.
The Dixie Group, Inc. is engaged in marketing, manufacturing and selling floorcovering products to high-end residential customers through its various sales forces and brands. The Companyâs business participates in markets for soft floorcoverings, which include broadloom carpet and rugs, and hard surfaces, which include luxury vinyl flooring (LVF) and engineered wood. The Companyâs brands include Fabrica, Masland Residential, and DH Floors. Its Fabrica markets and manufactures luxurious residential carpet, custom rugs, and engineered wood for the residential soft floorcovering industry. Fabrica consists of carpets and area rugs in both nylon and wool. Masland Residential markets and manufactures specialty carpets, rugs, and vinyl flooring. DH Floors markets an array of residential tufted broadloom carpet and rugs to selected retailers and home centers under the DH Floors and private label brands. The Company has also launched TRUCOR and TRUCOR Prime offering LVF products.
THE DIXIE GROUP, INC. 
