SBS Gets Delisting Notice
October 18, 2010: Spanish Broadcasting System reports in a filing with the Securities and Exchange Commission that it has received a notice from Nasdaq warning that the company is in danger of delisting. The October 12 notice advised SBS that its common stock had closed below the exchange minimum of $1 for the previous 30 consecutive business days.
SBS has 180 calendar days, or until April 11, 2011, to bring its price back in line with Nasdaq requirements. If it is unable to do that, Nasdaq will notify SBS that it is subject to delisting, at which time the company will have the option to appeal.
SBS said it "intends to use all reasonable efforts to maintain the listing of its common stock"on the Nasdaq Global Market, but that there's no guarantee it will be able to do so.
In April, after an earlier delisting notice, SBS's board and Chairman/CEO Raul Alarcon Jr. -- the company's controlling shareholder -- approved a reverse stock split of no more than one-for-five. SBS's stock moved back up over $1, and the company didn't go forward with the reverse split at that time.
SBSA stock closed today at 80 cents per share.
(10/25/2010 10:36:33 PM) |
Above was meant as a comment to the headline "NAB Backs Royalty Terms."
|- Dennis Jackson|
(10/25/2010 8:09:27 PM) |
Gordon Smith, speaking last week at our Connecticut Broadcasters' Association annual convention stated that the NAB would continue talks, but not try to conclude them prior to the election.
It's pretty clear that NAB represents the interest of corporate conglomerators, to whose stock prices uncertainly is inimical (hence pressure to resolve), and that independent broadcasters, the backbone of what remains of our industry and its legacy of community service, be damned.
|- Dennis Jackson|
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