NASDAQ Warns Emmis Of Possible Delisting Of Preferred Stock If Value Doesn't Rise Over $1 Million
August 25, 2015 at 3:58 AM (PT)
EMMIS COMMUNICATIONS CORP. has been warned by NASDAQ that it faces delisting if its Preferred Stock price does not regain compliance with the exchange's requirements. The letter from NASDAQ, received on AUGUST 21st, told EMMIS that its Series A Non-Cumulative Convertible Preferred Stock (trading under EMMSP) no longer complies with the NASDAQ requirement to maintain a minimum value of $1 million.
EMMIS has 180 calendar days (until FEBRUARY 17th) to regain compliance by bringing its value over $1 million for at least 10 consecutive business days and will continue to trade on the NASDAQ Global Select Market until then. EMMIS' Class A common stock is not affected.