Due to the market being closed on Mon Feb 20 for President's Day this coming Monday Feb 13 will start the final 10 day countdown of EMMS being delisted from the Nasdaq for failing to maintain a minimum price of $1.00. Feb 27 is the last day of the countdown. EMMS will need to close at or above $1.00 all 10 days.
From Nasdaq: 1st is Deficiency notice, then if company still does not meet listing requirements by end of the 180 days, a Determination Letter will be sent. The company has 7 calendar days after receipt of the determination letter to appeal the delisting. If the company can show a meaningful plan to deal with the non-compliance issue, it will generally be granted another 180 day extension to do so.
"Determination Letter. If the company is not in compliance within the time period prescribed in the deficiency notice, Nasdaq sends a "determination letter" informing the company that Nasdaq has determined that the company does not meet the standards for continued listing. The company then has seven days to appeal the determination. Under Nasdaq rules, the company must publicly announce within seven calendar days that it has received a determination letter and the basis for the delisting."
Good question. Don't know the answer.
In any case, the story below reminds one that Jeff was talking about two things getting the stock up...improved results (which hasn't happened yet, with the poor results from New York, in the last quarterly release)...but more importantly, efforts to "rationalize the balance sheet," which is no doubt a reference to what they are working on with the preferred stock (still unresolved, obviously), and, I'm guessing, something else, based upon the "we're working on a couple things" comment of Jeff's in the last earnings conference call.
I presume they can buy more time by annnouncing their INTENT to do a reverse split, which would be voted on at the summer annual meeting...but presumably be avoided, if they "get something done" between now, and the annual meeting, that gets the stock back over $1.
Note: this article is old, but helpful.
Not much time left for maneuvering their way out of this problem. Pretty sure Smulyan's intentions will be apparent very soon. Short of a some BIG news or reverse split, what could make a difference.