Bidz Edges Closer to Delisting After Departure of Independent Director

(IDEX Online News) – The NASDAQ exchange notified Bidz.com, Inc. that it is in violation of the independent director and audit committee requirements.

The violation may prevent an extension to meet the minimum $1.00 share bid price.

The latest NASDAQ notification to Bidz follows Man Jit Singh’s decision not to stand for re-election at the company’s last annual meeting in May.

Bidz has until its next annual shareholders’ meeting or May 17, 2012 to appoint a new independent director.

Because the bid price per share for the company’s common stock had closed below the $1.00 minimum bid price requirement for at least 30 consecutive trading days, Bidz was subject to delisting. Bidz has until February 8 to regain compliance with the minimum bid price rule.

The company is possibly interested in receiving an extension to the February deadline; however, it is required to meet all other minimum standards to do so. Without an independent director, Bidz is in violation of another minimum requirement and therefore may not be eligible for a delisting extension.