Urban specialist Radio One is one of the companies that has been having a difficult time meeting the minimum $1 per share benchmark required to maintain a listing on the NASDAQ stock exchange. It failed to get there during its first 180-day cure period, but vows to do so on its second.
Step one is the move of its Class D shares from The NASDAQ Global Market to The NASDAQ Capital Market, which will be effective 1/10/13.
NASDAQ further said the company is eligible for an extension of time to come into compliance with the $1 minimum, and now has until 7/8/13 to achieve that goal. If at any time between now and then the price remains at $1 or better, the stock, which trades under the symbol ROIAK, will be fully reinstated.
Radio One does not intend to fail. It told the Securities and Exchange Commission, “NASDAQ further relied upon the Company’s written notice of its intention to cure the deficiency during a second compliance period by effecting a reverse stock split, if necessary.”
Class A shares are not affected by the Class D action – they continue to be traded and are also in deficiency.