Spanish Broadcasting System no longer faces a delisting threat by Nasdaq. The company’s stock price has been up in recent weeks and Nasdaq has now sent SBS official notice that it is back in compliance with minimum standards.
RBR-TVBR reported in late January that the public float of the company’s Class A stock had soared and was more than double the $15 minimum set by Nasdaq for listed companies. The stock price retreated a bit from its recent peak, but has remained well above the $15 million threshold.
“On February 6, 2012, Spanish Broadcasting System, Inc. (the “Company”) received notification from the NASDAQ Stock Market (“NASDAQ”) that the Company had regained compliance with the minimum market value of publicly held shares requirement (“Market Value of Publicly Held Shares Requirement”) of $15,000,000 for a minimum of 10 consecutive business days as set forth in NASDAQ Listing Rule 5450(b)(2)(C) (the “Rule”). Accordingly, the Company has regained compliance with the Rule and will continue to be listed on the NASDAQ Global Market,” SBS said in an SEC filing.
