Emmis Appealing NASDAQ Delisting
March 5, 2012 at 9:11 AM (PT)
In SEPTEMBER of last year (NET NEWS 9/2/11), EMMIS COMMUNICATIONS was served with notice from NASDAQ that it faces delisting due to its Class A Common Stock closing below the $1/share threshold for 30 consecutive business days starting JULY 19th.
Now, in a public filing, EMMIS reports it received written notice ON FEBRUARY 28th from NASDAQ that it had not regained compliance with the exchange’s $1 minimum-price requirement in order to qualify for continued listing.
THE INDIANAPOLIS BUSINESS JOURNAL reports "EMMIS said FRIDAY that it has requested an appeal before the NASDAQ Hearings Panel, where the company 'intends to present a plan to regain compliance with the rule and request that the panel allow the company additional time within which to regain compliance'. The hearing request is likely to delay a delisting, possibly for more than a month, but there is no guarantee."