Look for a bunch of these company notices to be announced in the next few days, now that Nasdaq has reinstituted its rule requiring companies listed for trading to maintain a minimum stock price of one dollar. The Nasdaq warning letter to Emmis was dated September 15th, the same date reported by Sirius XM.
Emmis now has until March 15, 2010 to get back in compliance. To do that, its stock price must close at $1.00 or more for 10 consecutive business days. Otherwise, it would face delisting proceedings.
“The Company intends to actively evaluate and monitor the bid price for its Class A Common Stock between now and March 15, 2010, and consider implementation of various options available to the Company if its Class A Common Stock does not trade at a level that is likely to regain compliance.,” Emmis said Friday in an SEC filing.