Following its 1-for-10 reverse split last month Spanish Broadcasting System confirms that it has received official notification from the Nasdaq Stock Market that it is back in compliance with the $1.00 minimum bid rule and is no longer facing delisting.
The reverse stock split was approved by the Company’s stockholders at the annual meeting held on June 1, 2011. The trading of the Company’s common stock on the Nasdaq Capital Market on a split-adjusted basis began at the opening of trading on July 11, 2011. The Company’s common stock is currently trading on The Nasdaq Capital Market under the symbol “SBSA” with the letter “D” appended to the trading symbol for a period of 20 trading days to indicate that the reverse stock split has occurred, after which time it will revert to trading under the symbol “SBSA.”
While the reverse split temporarily raised the price of SBS above $6 it has most recently fallen below $5, putting it back in penny stock territory, but still well above the Nasdaq $1 requirement.