Regent Communications says it has received a notice from the Nasdaq Stock Market that its stock has closed below the minimum of $1.00 for 30 consecutive trading days and, thus, is subject to potential delisting from the Nasdaq Global Market. There is no immediate impact, since Regent now has 180 calendar days to regain compliance.
Regent will retain its Nasdaq listing if, between now and February 9, 2009, the bid price for its stock closes at $1.00 or more for 10 consecutive trading days. If Regent does not achieve compliance within the required period, the Nasdaq staff will provide written notification that the company’s securities will be delisted. Then, however, Regent will be able to appeal the Nasdaq staff delisting determination to a Nasdaq Listing Qualifications Panel.
RBR/TVBR observation: Who else is in danger of delisting? The last time SBS closed at or above $1.00 was June 30th, so it has already tripped the 30 trading days and should not be surprised to receive a similar letter. Citadel had a close above a buck on August 11th, so it has a time cushion to get back up there before 30 trading days pass. The clock has been ticking for Radio One (Class D) since August 5th. Westwood One has managed to stay just above a buck of late.