NASDAQ Now Threatens SBS With Delisting
August 25, 2008 at 5:16 AM (PT)
SPANISH BROADCASTING SYSTEM becomes the latest radio stock to run afoul of NASDAQ rules, as the company announced that on AUGUST 20th, they received a written deficiency notice from the NASDAQ STOCK MARKET, stating that the Company was not in compliance with the minimum bid price rule contained in NASDAQ Marketplace Rule 4450(b) (the "Minimum Bid Price Rule") because the bid price per share of the Company's common stock closed below $1.00 per share for 30 consecutive business days.
The Notice also stated that in accordance with NASDAQ Marketplace Rule 4450(e)(2), the Company will be provided 180 calendar days, or until FEBRUARY 17th, 2009, to regain compliance with the Minimum Bid Price Rule. To regain compliance with the Minimum Bid Price Rule the closing bid price of the Company's common stock must remain at or above $1.00 per share for at least 10 consecutive business days.
Regent And Radio One Previously Received The Same Notice
ALL ACCESS reported two weeks ago (NET NEWS 8/15) that REGENT COMMUNICATIONS, INC. 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).
RADIO ONE received the same notice. 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 (8/14) 7 cents below a dollar, at 93 cents a share.