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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEmmis 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.
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