Spanish Broadcasting System, Inc. Receives NASDAQ Staff Determination, May Be Delisted By Nasdaq (SBSA)
Spanish Broadcasting System (NASDAQ: SBSA) announced today that on April 12, 2011, it received written notification from The Nasdaq Stock Market that, based upon the Company's failure to regain compliance with the $1.00 per share minimum bid price requirement set forth in NASDAQ Listing Rule 5450 by April 11, 2011, the Company's common stock is subject to delisting at the opening of business on April 20, 2011, unless the Company requests a hearing before a NASDAQ Hearings Panel on or before 4:00 p.m. Eastern Time on April 19, 2011. The Company intends to request such a hearing, which will stay any action with respect to the Staff Determination until the NASDAQ Hearings Panel renders a decision subsequent to the hearing. However, there can be no assurance that NASDAQ will grant the Company's request for continued listing.
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