SBS Threatened With NASDAQ Delisting
April 18, 2011 at 6:04 AM (PT)
SPANISH BROADCASTING SYSTEM has received written notification from THE NASDAQ STOCK MARKET that, based upon the Company's failure to regain compliance with the $1.00 per share minimum bid price requirement set forth in a NASDAQ Listing Rule, the Company's common stock is subject to delisting at the opening of business on APRIL 20th.
SBS' stock closed below $1, at $0.90 on FRIDAY.
SBS intends to request a NASDAQ Hearings Panel, which will stay any action until the NASDAQ Hearings Panel renders a decision.