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Digital News Report – Regent Communications Inc. confirmed today that they received a de-listing notification by NASDAQ after the company failed to meet the requirements set forth by the exchange. In order to be re-listed the company needs to close at a minimum of $15 million.
According to the company: “In the event that Regent does not regain compliance with Nasdaq Listing Rule 5450(b)(3)(C) by March 22, 2010, Nasdaq will provide written notification that Regent’s common stock will be subject to delisting from The Nasdaq Global Market”. At that time the company will likely appeal the decision to the Nasdaq Listing Qualifications Panel.
The company has 42.3 million shares, according to Google Finance. The price per share is currently 30.8 cents per share. That is up 18 percent today. By our estimation, the company will need to have a .357 per share (about 36 cents).