Emmis Warned By NASDAQ Of Delisting Possibility
November 8, 2010 at 3:58 AM (PT)
EMMIS COMMUNICATIONS CORP. was notified last MONDAY (11/1) that it faces delisting of its Class A common shares by NASDAQ because its stock fell under $1/share for 30 consecutive business days. The company has until MAY 2nd, 2011 to regain compliance.
"This news is not unexpected," said Chairman/CEO JEFF SMULYAN. "We are actively evaluating our alternatives and are confident we have a variety of options to address this situation prior to MAY 2nd, 2011." The company can avoid delisting if the stock closes above $1/share for 10 consecutive business days before MAY 2nd.
The notification does not cover EMMIS 6.25% Series A Cumulative Convertible Preferred Stock, which continues to trade on the NASDAQ Global Select Market under the symbol "EMMSP."