No doubt the management of Entravision was well aware that their company’s stock price had fallen below $1. The company has now received official notice from the New York Stock Exchange that it is not in compliance with exchange rules and has six months to return to compliance or be de-listed.
A quick check finds that Entravision’s stock price dropped below $1 on November 11th and hasn’t been back above the mark since. The company received notice from the NYSE on December 15th that it had fallen below the exchange’s continued listing standard because its stock had an average closing price of less than a buck for 30 consecutive trading days. A year ago the stock had been above $8 and its IPO back in August 2000 was at $16.50.
“The company expects to notify the NYSE that it intends to cure this deficiency, and the company will have a six month period to meet the continued listing standard,” Entravision said in announcing the NYSE notice. “Entravision’s stock will continue to be listed on the NYSE during the cure period, subject to maintenance of other applicable NYSE listing standards,” it noted.
RBR/TVBR observation: While Nasdaq has put de-listings on hold due to the economic downturn, the NYSE has not. Price-ravaged broadcasting companies whose stocks trade on the Big Board may have to take the same course as Westwood One and trade on the over-the-counter pink sheets.