Spanish Broadcasting System has rebounded after closing for two days below the $1.00 minimum bid limit for Nasdaq. The stock was as high as $1.05 in early trading on Thursday (10/27).
SBS had closed Monday at 99 cents, negating the effect of a 1-for-10 reverse split in July to put its stock price well above the Nasdaq $1.00 minimum and terminate a delisting process.
SBS dropped another penny on Tuesday, but has since rebounded. It closed Wednesday at $1.00 – resetting the Nasdaq clock. The stock has to close below a buck for 30 consecutive business days for the Nasdaq delisting process to begin again. SBS gained three cents Thursday to close at $1.03.
RBR-TVBR observation: Retaining the Nasdaq listing is important, but the real goal is to restore some value for SBS shareholders, including the largest shareholder – CEO Raul Alarcon (pictured). At the $1.00 level the stock is down 86% year-to-date.
