Radio One Responds To Notice Of Delisting
July 31, 2012 at 4:19 AM (PT)
RADIO ONE received notification from the NASDAQ STOCK MARKET that for the 30 consecutive business days prior to JULY 26, 2012, the bid price of the Company’s Class A common stock had closed below the minimum $1.00 per share requirement for continued listing under Marketplace Rule. As such, the Company’s Class A common stock had become non-compliant with NASDAQ’s continued listing requirements.
The company, in an SEC 8-K filing, notes "In accordance with Marketplace Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, or until JANUARY 22, 2013, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s Class A common stock must meet or exceed $1.00 per share for at least ten consecutive business days during this 180-day grace period. If the Company chooses to implement a reverse stock split to achieve compliance, it must complete the split no later than ten business days prior to the expiration date of the grace period in order to regain compliance."
If RADIO ONE does not regain compliance by JANUARY 22, 2013, NASDAQ will provide written notification that the Company's Class A common stock will be delisted.