NASDAQ Threatens Regent, Radio One With Delisting
August 15, 2008 at 1:30 PM (PT)
REGENT COMMUNICATIONS, INC. has received a letter from THE NASDAQ STOCK MARKET, notifying the Company that for the 30 consecutive trading days preceding the date of the letter, the bid price of the Company's common stock had closed below the $1.00 per share minimum required for continued inclusion on the NASDAQ GLOBAL MARKET pursuant to NASDAQ Marketplace Rule 4450(a)(5).
The letter further notified the Company that, in accordance with NASDAQ Marketplace Rule 4450(e)(2), the Company will be provided 180 calendar days, or until FEBRUARY 9th, 2009, to regain compliance with the minimum bid price requirement. Compliance will be achieved if the bid price per share of the Company's common stock closes at $1.00 per share or greater for a minimum of 10 consecutive trading days prior to FEBRUARY 9th, 2009.
If the Company does not achieve compliance within the required period, the NASDAQ staff will provide written notification that the Company's securities will be delisted.
Meanwhie, RADIO ONE is facing a similar fate. The LANHAM, MD-based media company has also not maintained a minimum market value of publicly held shares as required for continued inclusion by NASDAQ. RADIO ONE has not traded above $1 per share recently, and closed on THURSDAY 7 cents below a dollar, at 93 cents a share.
If RADIO ONE cannot achieve compliance, NASDAQ will notify the company that RADIO ONE’s securities will be delisted. The company may appeal the NASDAQ delisting to a Qualifications Panel.