Jeff Smulyan’s Emmis Communications has been making a lot of news lately in connection with its station maneuvers in America’s largest media markets. But it also has a bit of news on the stock side.
Emmis has been struggling to keep its head far enough above water to maintain its position on the NASDAQ chart. It was put on notice that it faced possible delisting 2/28/12 for failing to keep its stock price at $1.00 per share or greater.
Emmis appealed and made its case before the Listing Qualifications Panel 4/5/12.
It has just received notice that it is good to go for the time being. On 4/26/12, it received word that it may retain its NASDAQ listing. However, it comes with the caveat that it must stay above $1.00 per share for a minimum of ten consecutive days by 8/27/12.
RBR-TVBR observation: The stock closed Friday 4/27/12 at $1.04, four coppers to the good. But unfortunately, it came on a gain of $0.05, from Thursday’s oh-so-slightly subpar closing of $0.99. But here’s hoping Friday is the beginning of the needed streak.