According to the 8K filed on 9/1/2011 EMMS will have he right to appeal any delisting notice which can apparently provide some additional time before delisting occurs.
8K If at any time before February 27, 2012, the bid price of the Company’s Class A Common Stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will notify the Company that it has achieved compliance with the Minimum Bid Price Rule. If the Company does not regain compliance with the Minimum Bid Price Rule by February 27, 2012, Nasdaq will notify the Company that its Class A Common Stock will be delisted from the Nasdaq Global Select Market. Nasdaq rules would then permit the Company to appeal any delisting determination by the Nasdaq staff to a Listing Qualifications Panel.
The Company intends to actively evaluate and monitor the bid price for its Class A Common Stock between now and February 27, 2012, and consider implementation of various options
Emms has 7 calendar days to file an appeal after receipt of the delisting determination letter, which would have been sent after the 27th closed. They will be given a 15 day extension and a hearing date. At the hearing, as long as Emmis presents a reasonable plan to deal with the price issue, a 180 day extension can be granted. Sec allows 4 day gap between events pertinent to share holders and release of a public statement.