LONDON, May 23, 2002 (PRIMEZONE) -- Virgin Express Holdings plc (Nasdaq:VIRGY) (Euronext Brussels:VIRE) has recently amended its ADR facility and filed with the SEC a related Registration Statement on Form F-6 in order to regain compliance with the minimum bid price requirement of the NASDAQ National Market.
Under this amendment, the company is changing its American Depository Receipt to Ordinary Share exchange ratio from 1 ADR = 1/3 Ordinary Share to 1 ADR = 1 Ordinary Share, effective on May 28, 2002. Despite this precaution, on May 16, 2002, the company received a NASDAQ Staff Determination indicating that the company does not comply with the minimum bid price requirement for continued listing set forth in Marketplace Rule 4450(b)(4).
The company has requested a hearing before a NASDAQ Listing Qualifications Panel to review the Staff Determination. The company expects to be able to show to the Panel that it has regained compliance with the minimum bid price requirement.