Westwood One Warned Of NYSE Delisting, Plans To Raise Stock Price
September 18, 2008 at 3:29 PM (PT)
WESTWOOD ONE has been notified by the NEW YORK STOCK EXCHANGE that the Company had fallen below the NYSE's continued listing standard relating to minimum share price of $1 during a consecutive 30-day trading period. Because of that, its stock is now in danger of being delisted.
WESTWOOD ONE, which has 10 business days to notify the NYSE of its intent to cure this deficiency and six months to cure it or be subject to suspension and delisting, plans to notify the NYSE that it intends to cure the deficiency. Under the NYSE rules, the Company's common stock will continue to be listed on the NYSE during the six-month cure period, subject to the Company's compliance with other NYSE continued listing requirements.
Despite its determination to return to compliance with NYSE continued listing requirements, WESTWOOD ONE acknowledged that it can't assure the NYSE that it will be able to do so.