SBS Regains Compliance To Have Its Stock Remain On OTC Markets

Financial Filings

SPANISH BROADCASTING SYSTEM (SBS) filed an 8-K form with the SECURITIES AND EXCHANGE COMMISSION reporting it’s “regained compliance” with OTC Markets, pushing its minimum market cap above $5 million for ten consecutive trading days.

The company wrote, "On APRIL 3, 2017, SPANISH BROADCASTING SYSTEM, INC. (the 'Company'), received a written notice from OTC MARKETS ('OTC'), advising us that our market capitalization had stayed below $5 million for more than 30 consecutive calendar days (the 'Rule') and that it no longer met the Standards for Continued Qualification for the OTCQX Best Market (U.S. Tier) ('OTCQX U.S.') as per the OTCQX Rules for U.S. Companies. OTC further notified us that a cure period of 180 calendar days to regain compliance had begun, during which the minimum criteria must be met for 10 consecutive trading days. The 180-calendar day grace period was set to expire on SEPTEMBER 30, 2017. If the Company's market capitalization had not been at or above $5 million for 10 consecutive trading days by that time, then its Class A common stock would be moved from OTCQX U.S. to OTC Pink.

"On JULY 20, 2017, the Company received notification from the OTC that it had regained compliance with the minimum market capitalization standard of $5 million for a minimum of 10 consecutive trading days as set forth by OTCQX Rules for U.S. Companies.  Accordingly, the Company has regained compliance with the Rule and will continue to be listed on the OTCQX."

It was still a rough day for SBS stock, with the company down 17.83%. 

Follow all the stocks that affect our business with the ALL ACCESS STOCK INDEX.

« see more Net News