Spanish Broadcasting System Inc. on April 3 received a notice from OTC Markets regarding its failure to satisfy one of the exchange's listing requirements.
The company's market capitalization for more than 30 consecutive calendar days had stayed below $5 million, according to an April 7 SEC filing. As a result, the company no longer complies with the standards for continued qualification for the OTCQX Best Market.
Spanish Broadcasting has 180 calendar days, or until Sept. 30, to regain compliance by having a market capitalization of $5 million or more for 10 consecutive trading days. Otherwise, the company's class A common stock will be moved from OTCQX U.S. to OTC Pink.