The good folks at Nasdaq expect all of their listed stocks to maintain a minimum price of $1.00, and Spanish Broadcasting System has failed to maintain that standard and faces delisting. The company received notification 12/7 that it tripped over the $1.00 requirement on 12/4, and will be delisted as of 12/16 unless it requests a hearing by a certain time on 12/14.
SBS says it did in fact request the hearing, on 12/11. It could not, of course, guarantee that its presentation before Nasdaq would preserve its standing with the exchange.
SBS’s troubles maintaining the minimum price extend back to 8/20/08. It had an original target date of 2/17/09 to come into compliance, but temporary changes in Nasdaq policy extended that until 12/4/09.
SBS owns and operates 21 radio stations in key large Hispanic markets, and operates Mega TV, the business of which includes broadcast, cable and satellite elements.
According to the SBS website, its stock’s most recent closing as of 12/12/09 was priced at $0.75.
