LookSmart Receives NASDAQ Bid Price Deficiency Letter

SAN FRANCISCO, Mar 12, 2010 -- LookSmart, Ltd. (Nasdaq:LOOK), an online search advertising solutions company, today announced that on March 9, 2010 it received a notice from the NASDAQ staff stating that the Company has failed to comply with the $1.00 minimum bid price required for continued listing of its common stock on the NASDAQ Stock Market set forth in Listing Rule 5450(a).

The letter also states that the Company has a grace period of 180 days to regain compliance as set forth in Listing Rule 5810(c).

The letter further states that if at anytime during this grace period the bid price of the Company's security closes at $1.00 per share or more for a minimum of ten consecutive business days, the Staff will provide a written confirmation of compliance and this matter will be closed. In the event the Company does not regain compliance prior to the expiration of the grace period, it will receive written notification that its securities are subject to delisting.

The Company is currently considering its options in order to comply with the $1.00 minimum bid price rule within the aforementioned grace period.

Source: LookSmart