The Nasdaq Hearings Panel granted 's request for anextension to satisfy certain listing requirements of The Nasdaq Capital Market.
On Nov. 24, 2015, Towerstreamreceived a letter from Nasdaq that the closing bid price for the company'scommon stock was below $1.00 for 30 consecutive trading days. The companyreceived another letter from Nasdaq on May 17 notifying that the company'sstockholder equity was below the benchmark required by Nasdaq for continuedlisting on the Nasdaq Capital Market.
Towerstream said that on July 7 it effected a 1-for-20reverse split of its common stock, which is expected to satisfy the bid pricerequirement, and also met with the Nasdaq Hearings Panel and presented its planto comply with all applicable criteria for continued listing.
The company must evidence a closing bid price of at least$1.00 per share for a minimum of 10 consecutive business days on or before July24. Depending upon circumstances, the Panel may, in its discretion, requirethat the company evidence a closing bid price of at least $1.00 per share for aperiod in excess of 10 consecutive trading days, according to a July 18 SECfiling. The company also needs to provide in September and October an update onits progress toward completion of its compliance plan.
Moreover, on or before Nov. 22, the company will need toannounce and inform the Panel of its compliance with the stockholders' equityrequirement, and provide to the Panel updated projections regarding continuedcompliance with the stockholders equity requirement through November 2017.