If you follow the daily stock chart in RBR-TVBR, you may have noticed that Radio One’s publicly traded Class D stock closed above $1 on November 8th and has stayed there since. Nasdaq has officially notified Radio One that it is in compliance with the exchange’s minimum bid rule and no longer faces possible delisting.
Radio One had received a warning letter in September that it was not in compliance with the rule, since its stock price had been below $1 for 30 days.
To regain compliance, the stock had to close back above a buck for 10 trading days. “The letter received from NASDAQ on November 22, 2010 stated that because the Class D shares closed above the $1.00 minimum bid price for the 10 consecutive trading day period from November 8, 2010 through November 19, 2010, the Company had regained compliance and the matter was now closed,” Radio One said in an announcement.
RBR-TVBR observation: Hmm, why November 8th? Oh, yeah, that’s when Radio One announced its long-delayed refinancing deal with its lenders and bondholders. That good news instilled confidence on Wall Street and gave the stock price a much-needed boost.