Emmis Communications Corp. should avoid having its stock delisted from the NASDAQ exchange after shares closed above the necessary threshold of $1 each for 10 consecutive business days on Thursday.
The stock of the Indianapolis-based media company closed at $1.05 on Thursday, completing the streak that began on Jan. 28.
"Our common stock has closed above $1 for ten consecutive trading days," company spokeswoman Kate Snedeker said in an e-mail. "Upon formal notification from NASDAQ that we have regained compliance, we will file a public disclosure via Form 8-K."
Earlier in January, Emmis compiled an eight-day run above the threshold, but the stock fell below $1 for three trading days before rebounding.
On Nov. 1, NASDAQ notified Emmis that it no longer was in compliance with an exchange rule that requires members to carry a minimum stock price of $1. Company shares had closed below $1 per share for 30 consecutive business days, triggering the notice.
To regain compliance, Emmis shares were required to trade above $1 for 10 consecutive business days before May 2 to avoid delisting.
The company seemed to be in a secure position on the exchange when its shares reached as high as $2.38 in April 2010, but the stock plummeted in the wake of a failed attempt by Emmis CEO Jeff Smulyan to take the company private last summer.