Emmis Requests NASDAQ Hearing On Delisting Warning, Reverse Split Proposal
June 13, 2016 at 4:10 AM (PT)
EMMIS COMMUNICATIONS has received its formal delisting notice from NASDAQ warning that the company faces losing its NASDAQ spot for failure to comply with the $1 per share minimum bid price requirement for continued listing for its Class A Common Stock and that it must request a hearing before a NASDAQ Hearings Panel on or before JUNE 14th, 2016.
EMMIS has informed the SEC that it plans to request a hearing and will present a plan for a four-to-one reverse stock split that would put the stock in compliance.
The proposal is set to be voted on at the annual EMMIS shareholders' meeting on JULY 7th but already has enough votes to pass, although EMMIS warned in its SEC filing that there is no guarantee NASDAQ will approve the move.