Radio One Gets Nasdaq Notification On Class D Stock
WASHINGTON -- October 22, 2008: Radio One on Monday received notification from Nasdaq that its class D stock, which represents the vast majority of the company's public float, has fallen below the $1 minimum for 30 consecutive trading days.
Nasdaq said in its notification to Radio One that, with the "unprecedented turmoil" in the financial markets, it is suspending enforcement of its bid-price and market value requirements for publicly held shares until mid-January. The exchange filed an application for the suspension with the Securities and Exchange Commission on October 16. Nasdaq plans to reinstate its bid-price requirements on January 19.
Radio One will have 180 calendar days after the reinstatement of the requirements to get back into compliance with the listing rules by getting its class D stock over $1 a share for a minimum of 10 consecutive business days. If it's unable to do that, Nasdaq will issue a delisting notification, which Radio One can appeal, or it can apply to have its stock moved to the Nasdaq Capital Market.
Radio One earlier received a Nasdaq delisting warning on its class A shares, and in August applied to transfer those shares to the Nasdaq Capital Market. The new notification doesn't affect the class A shares.
