The stock price of Spanish Broadcasting System has been as low as eight cents within the past year, but it has rebounded of late. Now the company has gotten an extension from Nasdaq to get back in compliance with the exchange’s $1 minimum share price.
SBS has actually gotten above the $1 mark in trading, but hasn’t been able to stay there for the prescribed 10 consecutive trading days. Most recently it has been a bit above 70 cents.
But after presenting a plan for returning to compliance to a Nasdaq Hearings Panel in January, SBS has now received word from Nasdaq that its request for an extension has been approved. The company now faces a deadline of June 7, 2010 for its stock to trade at $1 or more for 10 consecutive trading days.