Spanish Broadcasting System stock must go up… or get delisted – that’s the warning from Nasdaq. SBS stock is not in compliance with the exchange’s minimum bid price rule, since it has closed below $1 for 30 consecutive business days.
According to Nasdaq rules, the stock must close above $1 for 10 consecutive days to regain compliance. SBS has 180 calendar days, or until February 17, 2009 to accomplish this, or the company risks a delisting from the exchange.
SBS stock opened this morning at 50 cents. July 8 was the last time the stock was at $1.