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SBS Stock Falls Below Minimum Bid Price, Faces Delisting
August 25, 2008
By Della de Lafuente
NEW YORK Spanish Broadcasting System Inc. said late Friday (Aug. 22) that the value of the company's bid price per share has closed below $1 per share for 30 consecutive days, prompting a deficiency notice from the Nasdaq.
SBS executives were notified in writing by Nasdaq on Aug. 20 that the Hispanic media and entertainment company faces delisting from the stock market because it is not in compliance with the trading network's minimum bid price rule, per the media company.
Under compliance rules, SBS has 180 days, or until Feb. 17, 2009, to increase the stock's minimum bid price and bring the value of its common stock at or above $1 per share for at least 10 consecutive business days.
SBS intends to use all reasonable efforts to maintain the listing of its common stock on Nasdaq, but executives could not guarantee that the company will increase the value of its stock in order to regain compliance with the listing requirements, per a press statement.
Shares of SBS fell to 49 cents a share today (Aug. 25) in Nasdaq trading, closing down 2 cents from 51 cents a share on Friday (Aug. 22).
The company said earlier this month that it was suspending its third quarter 2008 guidance due to the limited visibility resulting from the current economic environment and the industry-wide advertising decline.
The company owns and operates 21 radio stations in top Hispanic
markets, Mega TV and LaMusica.com.
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