Radio One Stock Earns NASDAQ Compliance Again
October 19, 2009 at 11:26 AM (PT)
RADIO ONE has received a letter from The NASDAQ Stock Market advising that the Company's Class D shares had regained compliance with NASDAQ's minimum bid price listing requirements and were in good standing on The NASDAQ Global Market. Previously, on OCTOBER 20th, 2008, RADIO ONE had received a notice of deficiency, citing that for the 30 consecutive business days, the bid price of the Company's common stock had closed below the $1 per share.
The Class D shares had 180 days to regain compliance by meeting or exceeding the minimum bid price for a period of at least 10 consecutive trading days. Enforcement of the rules had been suspended by NASDAQ until AUGUST 3rd, 2009 due to the economic environment.
An OCT, 15th letter from NASDAQ stated that because the Class D shares closed above the $1 minimum bid price for the 10 consecutive trading days ending October 14th, 2009, the Company had regained compliance and the matter was now closed. NASDAQ also confirmed that the Company's Class A shares were in compliance with The NASDAQ Stock Market's continued listing rules.