There will be no delisting concerns for Spanish Broadcasting System (SBS) for the immediate future.
The Miami-based multimedia company targeting Hispanic consumers revealed in an SEC filing yesterday (7/27) that it received notification from OTC Markets on July 20 that it had regained compliance with the minimum market capitalization standard of $5 million for a minimum of 10 consecutive trading days as set forth by OTCQX Rules for U.S. Companies.
Accordingly, “SBSAA” has regained compliance with the rule and will continue to be listed on the OTCQX.
SBS on April 3 received a written notice from OTC Markets, advising that its market capitalization had stayed below $5 million for more than 30 consecutive calendar days. As a result, SBSAA shares no longer met the Standards for Continued Qualification for the OTCQX Best Market (U.S. Tier).
A cure period of 180 calendar days to regain compliance began at that time, during which the minimum criteria must be met for 10 consecutive trading days.
The 180-calendar day grace period was set to expire on Sept. 30, 2017. Had SBS’s market capitalization had not been at or above $5 million for 10 consecutive trading days by that time, then its Class A common stock would be moved from OTCQX U.S. to OTC Pink.
That’s where iHeartMedia stock is presently traded, and is considered the trading market where the riskiest stocks are bought and sold.
