NASDAQ Says SBS Out Of Compliance With Board Rule
September 2, 2009 at 4:38 AM (PT)
SPANISH BROADCASTING SYSTEM has been notified by NASDAQ that the company is not in compliance with the exchange's Board of Directors audit committee requirements with the resignation of Audit Committee member ANTONIO FERNANDEZ on AUGUST 14th.
SBS has until the earlier of its next annual shareholders' meeting or AUGUST 11th, 2010 to comply with the rule.
The company says it is searching for a new candidate for the slot and intends to regain compliance within the cure period allowed by NASDAQ.