Regent Threatened With NASDAQ Delisting Amidst Bankruptcy Rumors
December 23, 2009 at 2:15 PM (PT)
NASDAQ has notified REGENT COMMUNICATIONS on DECEMBER 21st that it failed to comply with the minimum market value of publicly held shares requirement set forth in NASDAQ Listing Rule 5450(b)(3)(C) for continued listing of its common stock. The market value of its common stock closed under $15.0 million for 30 consecutive business days.
REGENT has 90 calendar days, or until MARCH 22nd, 2010, to regain compliance with the minimum market value of publicly held shares requirement. To regain compliance, the closing market value of REGENT's publicly held shares of its common stock must close at $15.0 million or more for a minimum of 10 consecutive business days prior to the market close on March 22nd.
Failing that, REGENT's common stock would be delisted from The NASDAQ Global Market. At that time, REGENT may appeal the delisting to a NASDAQ Listing Qualifications Panel.
The news comes on the heels of heated speculation that REGENT is closing in on its own bankruptcy.