Nasdaq will suspend trading of Spanish Broadcasting System Inc. class A common stock as of the opening of business on Jan. 19, pending ultimate delisting.
The company on Jan. 28, 2016, received a written notice from the Nasdaq Stock Market over noncompliance with a listing rule as the company's class A common stock for the previous 30 consecutive business days was below the minimum $15 million required for continued listing on the Nasdaq Global Market. The company received an initial grace period of 180 calendar days, or until July 26, 2016, to regain compliance.
Spanish Broadcasting failed to regain compliance at the end of the grace period, thereby received written notification on July 27, 2016, from Nasdaq that the company needed to request a hearing before the Nasdaq Hearings Panel to avoid delisting.
Spanish Broadcasting requested a hearing before the panel, which took place on Sept. 8, 2016. Consequently, the company on Sept. 17, 2016, received a written notice from Nasdaq, granting the company's request to continue listing its shares on the Nasdaq Global Market until Jan. 23.
The company in January determined that it could not regain compliance by Jan. 23, and notified Nasdaq on Jan. 13. Nasdaq then decided to delist the company's class A common stock.
Spanish Broadcasting applied to have its class A common stock qualified to trade on OTCQX Best Market, and it is expected to start trading there on Jan. 19 under the ticker SBSA.