NASDAQ suspends Spanish Broadcasting System’s delisting process.
October 1, 2008
Spanish Broadcasting System, Inc. announced that on October 22, 2008, the Company received notification from The NASDAQ Stock Market (“NASDAQ”) that NASDAQ has temporarily suspended the enforcement of its minimum bid price rules because of extraordinary market conditions.
As a result of the suspension, SBS, and all other NASDAQ listed companies now in the share price compliance process, will remain at that same stage of the process. NASDAQ will not take any action to delist any security for these concerns during the suspension period, which will remain in effect through Friday, January 16, 2009 and the first relevant trade date will be Tuesday, January 20, 2009.
SBS received a written notification from NASDAQ on August 20, 2008, indicating that the minimum bid price of the company’s common stock had fallen below $1.00 for 30 consecutive trading days, and that it was therefore not in compliance with NASDAQ Marketplace Rule 4450(b). The notice further provided that in accordance with the NASDAQ Marketplace Rules, the Company will be provided 180 calendar days, or until February 17, 2009, to regain compliance with the minimum bid price requirement.
