Menu Click here
website logo
Sign In| Sign Up
back back
Diamond trading
Search for Diamonds Manage Listings IDEX Onsite
diamond prices
Real Time Prices Diamond Index Price Report
news & research
Newsroom IDEX Research Memo Search News & Archives RSS Feeds
back back
Diamond trading
Search for Diamonds Manage Listings IDEX Onsite
diamond prices
Real Time Prices Diamond Index Price Report
news & research
Newsroom IDEX Research Memo Search News & Archives RSS Feeds
back back
MY IDEX
My Bids & Asks My Purchases My Sales Manage Listings IDEX Onsite Company Information Branches Information Personal Information
Logout
Newsroom Full Article

Odimo Announces Nasdaq Delisting

August 06, 06 by Edahn Golan

Online watch and luxury goods retailer Odimo has announced that it will be delisted from The Nasdaq Global Market effective August 14. The company was informed by Nasdaq that it is being delisted because it failed to maintain a minimum value of $5 million.

 

Effective August 14, Odimo will no longer be traded on Nasdaq, closing a chapter on what was one of the most promising online diamond ventures. Odimo, controlled by diamond giant Steinmetz, owned diamond.com. The website and company suffered losses, ending in the selling of diamond.com to competitor ice.com last May. Odimo still owns ashford.com and worldofwatches.com.

 

After filing for an IPO in July 2004, with the declared intention of raising $57.5, the company realized that they are aiming too high, and downgraded their plans in January 2005, hoping to raise about $45 million.

 

The following month it raised $28 million, selling less shares at $9 each, far less than the intended $13 per share.

 

With the share price dropping from $5 in August 2005, to below $2 by late September. On May 2, Nasdaq informed Odimo that it has not maintained a minimum value of publicly held shares of $5 million over the previous 30 consecutive trading days, and, as a result, it had 90 calendar days, or until July 31 to regain the minimum value.

 

The share value dropped since then below $1 and continued trading below $1.50. On Thursday Nasdaq pulled the plug on Odimo’s trading on The Nasdaq Global Market, announcing trade will effectively end Friday August 11.

Diamond Index
Related Articles

IDEX Online Research: Odimo is Half of What It Was, But with Some Cash

May 18, 06 by Ken Gassman

Read More...

Odimo Q1 Sales, Orders Fall. Net Losses $3.8 million

May 16, 06 by Edahn Golan

Read More...

Ice.com Acquires Diamond.com from Odimo for $9.5 million

May 13, 06 by Edahn Golan

Read More...

Newsletter

The Newsletter offers a quick summary of the past week's industry news and full articles.
Our Services About IDEX Privacy & Security Terms & Conditions Sign-Up Advertise on IDEX Industry Links Contact Us
IDEX on Facebook IDEX on LinkedIn IDEX on Twitter