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. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

ADVERTISEMENT