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Emmis shares again escape NASDAQ delisting

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Emmis Communications Corp. once again has avoided having its stock delisted from the NASDAQ exchange after the media company's shares closed above $1 for 10 consecutive trading days.

NASDAQ informed Indianapolis-based Emmis on Tuesday that the company is back in compliance with the stock index’s trading requirements.

NASDAQ late last month granted the company an extension until Aug. 27 to meet the $1-per-share requirement after Emmis appealed a planned delisting of the stock.
 
Emmis applied for the extension after it received written notice from NASDAQ on Feb. 28 that it was not in compliance with listing rules. At the time, company shares were trading at 70 cents per share and hadn't reached $1 in more than six months.

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.  

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.

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.

Company shares opened Wednesday morning priced at $1.38 each.

The stock surged above $1 in late April after the company reached a radio station deal and related financing agreement that will bring the company $92.5 million in capital it plans to use to pay down debt.

Several Emmis officers have purchased company stock recently, including Gregory Loewen, chief strategy officer and president of its publishing division, who bought 72,011 shares priced at $1.35 each. Patrick Walsh, chief financial officer, bought 50,255 shares priced at $1.30 each and Richard Cummings, president of Emmis Radio Programming, nabbed 35,000 shares priced at $1.35 each.
 

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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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