Emmis Warned By NASDAQ Of Delisting Possibility

Warned

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."

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