A few weeks ago RBR-TVBR noted that the stock price of Spanish Broadcasting System was on a “slippery slope” after doing a 1-for-10 reverse stock split to avoid a Nasdaq delisting. The stock closed Monday (10/24) at 99 cents, so it is again in danger of delisting.
As previously noted, it will take many months for Nasdaq to take any action for the stock falling below the one dollar minimum bid price. So far the stock has only closed below the mark for a single day, so it could rebound.
“If a company trades for 30 consecutive business days below the $1.00 minimum closing bid price requirement, Nasdaq will send a deficiency notice to the company, advising that it has been afforded a “compliance period” of 180 calendar days to regain compliance with the applicable requirements,” the exchange states on its website rules section.
