Emmis Communications saw its stock price fall off a cliff after the effort by founder and CEO Jeff Smulyan to take the company private at $2.40 per share collapsed last September as his financial partner, Alden Global Capital, walked away. But with broadcasting stocks, indeed most stocks in most sectors, on an upswing, Emmis no longer has to worry about its stock listing.
You could say that Emmis received a delightful Valentine’s Day present – better than a box of chocolates – as the Nasdaq Stock Market informed Emmis on Monday (2/14) that the closing bid price of the company’s Class A common stock has been above $1.00 per share for at least ten consecutive trading days and that Emmis is now in compliance with Nasdaq’s Minimum Bid Price Rule.
The bottom point for Emmis was 43 cents, back in December.
RBR-TVBR observation: A rising tide lifts all boats. The only radio or TV stock now facing the threat of a Nasdaq delisting because of its stock price not meeting the one buck minimum is Spanish Broadcasting System, and it has until April to get back into compliance. That looks pretty likely, since the stock has lately been trading in a 90-96 cent range.
