IBJNews

Emmis gains extension on NASDAQ listing

Back to TopCommentsE-mailPrintBookmark and Share

Emmis Communications Corp. shares will remain listed on the NASDAQ exchange at least until Aug. 27 under an extension granted by the well-known stock index.

Indianapolis-based Emmis must still meet NASDAQ's listing requirement by having its stock close above the bid price of $1 per share for 10 consecutive trading days, the exchange said Thursday in a public filing.

The extension was granted after Emmis appeared before NASDAQ's Listing Qualifications Panel on April 25 to appeal a planned delisting of the stock.

"We appreciate NASDAQ's ruling and the extension to gain compliance," Emmis said in a prepared statement. "Based on recent corporate actions, we are confident we will meet all listing requirements before the new deadline."

Emmis applied for the extension after it received written notice from NASDAQ on Feb. 28 that it had not regained compliance with the exchange’s $1 minimum-price requirement for continued listing.

NASDAQ served notice to Emmis last Aug. 31 that its stock had closed below the exchange’s minimum $1-per-share requirement for 30 straight business days.  

To regain compliance, Emmis shares needed to rise to the $1 minimum for at least 10 consecutive business days between then and Feb. 27. The stock managed to reach a closing price of 92 cents per share in mid-November but never climbed higher.

Without NASDAQ, Emmis shares would be relegated to penny-stock status on the over-the-counter bulletin board or the pink sheets. Once that happens, shares are harder for investors to buy and sell.

Emmis has been on the edge of losing its NASDAQ status for several years. The company was previously warned about possible delistings in November 2010 and in October 2009, but its stock rebounded both times to escape danger.

Until Friday afternoon, Emmis stock had failed to close below $1 per share since last July. It closed Friday at $1.04 per share, up 5 cents on the day. Shares have risen 20 cents since Thursday morning after Emmis announced two deals that will give it a $92 million cash infusion.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

ADVERTISEMENT