The stock price for Radio One’s widely traded Class D shares has closed back above a buck for some time of late. As a result, Nasdaq has scrapped its delisting notice and declared Radio One back in compliance.
Nasdaq had notified Radio One on October 20, 2008 that it was in danger of delisting because the Class D shares had closed below $1 for 30 consecutive business days. But then Nasdaq suspended its minimum price requirement in response to the deep recession. The rule was reinstated on August 3, 2009 and RBR-TVBR noted that Radio One appeared to be on track for compliance well before the new March 15th deadline.
“The letter received from Nasdaq on October 15, 2009 stated that because the Class D shares closed above the $1.00 minimum bid price for the 10 consecutive trading days ended October 14, 2009, the Company had regained compliance and the matter was now closed. Nasdaq also confirmed that the Company’s Class A shares, traded under the symbol ROIA on The Nasdaq Capital Market, were in compliance with The Nasdaq Stock Market’s continued listing rules. Shares of ROIA and ROIAK common stock closed on October 16, 2009 at $1.85 and $ 1.66 per share, respectively,” Radio One said in a statement.