After successfully keeping the head of its stock above water for the requisite number of days – with above water defined as trading at $1.00 per share or more – Emmis Communications has been informed that its place on the NASDAQ board is no longer in jeopardy.
In an SEC filing, the company stated, “On May 15, 2012, The NASDAQ Stock Market (“NASDAQ”) informed Emmis Communications Corporation (the “Company”) that the Company has met the requirements of the Hearing Panel’s decision dated April 26, 2012 and is now in compliance with all applicable requirements for continued listing on NASDAQ. Thus, the Hearing Panel determined to continue the listing of the Company’s securities on NASDAQ and has closed the matter.”
Emmis had received permission to remain on NASDAQ based on a 4/5/12 presentation before the exchange’s Listing Qualifications Panel. It had until 8/27/12 to maintain a share price of one dollar or greater for a minimum of 10 consecutive days.
RBR-TVBR recorded a closing price of $1.04 on Friday 4/27/12, which came on the heels of a $0.99 closing on 4/26/12. At the time we wished the company well, writing, “…here’s hoping Friday is the beginning of the needed streak.”
We are now pleased to report that Emmis has removed all the suspense from the matter and closed the deal on minimum share price more than three months ahead of deadline.
Quit living in the past. With the stock at $1.60, everyone knows the Nasdaq delisting issues are long since resolved. No one is going to get lathered up about that any more. The question is where does the stock go from here...and what happens after EMMS's next earnings release? Do Simon and Simon (er, Simon and Smulyan) turn back on the stock buyback program? Inquiring minds will definitely be interested in seeing what happens.