TerreStar Corporation (fka TSTRQ)

[Frankiy]

On June 3, 2010, TerreStar Corporation (the “Company”) received notification from The NASDAQ Stock Market’s Listing Qualifications Department (“NASDAQ”) that for the last 30 consecutive business days the bid price of the Company’s common stock on The NASDAQ Global Market has closed below the minimum $1.00 per share required for continued inclusion under NASDAQ Marketplace Rule 5450(a)(1) (“Minimum Share Price Rule”). This notification has no effect on the listing of the Company’s common stock at this time.

In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the Company has 180 calendar days, or until November 30, 2010, to regain compliance. The NASDAQ Listing Qualifications Department informed the Company that if, at any time before November 30, 2010, the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days within the 180 day period, NASDAQ will provide written notification that the Company has achieved compliance with the Minimum Share Price Rule, although NASDAQ may, in its discretion, require that the Company maintain a bid price in excess of $1.00 for a period in excess of 10 business days before determining that the Company has demonstrated the ability to maintain long-term compliance.

In the event the Company does not regain compliance with the Minimum Share Price Rule by November 30, 2010, NASDAQ will provide written notification that the Company’s common stock will be delisted from The NASDAQ Global Market. At that time, the Company may appeal NASDAQ’s determination to delist the Company’s common stock to a NASDAQ Listing Qualifications Panel and request a hearing.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7298841