Party goods retailer iParty Corp. said today it has received a compliance notice from the New York Stock Exchange due to the Dedham-based company's low selling stock price for a substantial period of time.
The NYSE said iParty's continued listing is predicated on it executing a reverse stock split of its common stock within a reasonable period of time, which the exchange has determined to be no later than May 20, 2013. If iParty does not complete a reverse stock split prior to that time, it could become subject to delisting procedures.
Company shares have been trading between 11 cents and 25 cents for the past year.
Earlier this month, the company disclosed it formed a special committee of the independent members of the board of directors and retained James & Associates Inc. to assist the retailer in exploring a broad range of financial and strategic alternatives to enhance shareholder value.
Additionally, at iParty's 2012 annual meeting, company stockholders approved an amendment to iParty's restated certificate of incorporation to effect a reverse stock split, pursuant to which the existing shares of iParty's common stock would be combined into new shares of iParty common stock at an exchange ratio ranging between one-for-five and one-for-20, to be determined by the board of directors.
At this time, no decision has been made to engage in a financing or strategic transaction and the special committee has not set a definitive timetable for this review process, the company said, adding that given the ongoing review process, the board has made no determination to effect the reverse stock split.
The company has 54 stores in New England and Florida and an e-commerce site. Due at least in part to Hurricane Sandy hitting two days before Halloween, iParty's October sales fell 6.5 percent to $16.4 million. The company last month reported a $3.31 million loss for the nine months ended Sept. 29.
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