May 23 2011
Vitacost.com, Inc. (NASDAQ: VITC), a leading online retailer and direct marketer of health and wellness products, announced today that the Company received an additional letter from The NASDAQ Stock Market ("NASDAQ") indicating that the Company is not in compliance with Listing Rule 5250(c) due to the delinquent filing of the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2011 (the "Quarterly Report").
As previously announced, on December 21, 2010, the Company received a letter from NASDAQ indicating that the NASDAQ staff had determined that continued listing of the Company's securities on The NASDAQ Stock Market was no longer warranted. The Company timely appealed the Staff determination, and requested a hearing before a NASDAQ Hearings Panel (the "Panel"), which was held on February 3, 2011. On February 28, 2011, the Company received written notice that the Panel had determined to grant the request of the Company to remain listed on The NASDAQ Stock Market, subject to certain conditions.
The Additional Staff Determination Letter, which the Company expected, advised that the Panel will consider the Company's failure to timely file the Quarterly Report in their decision regarding the continued listing of the Company's securities on The NASDAQ Stock Market. The Company has until May 25, 2011 to present its views with respect to this additional deficiency to the Panel. The Company intends to respond to the request in a timely manner.