EMMS ~ Read this
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Emmis received a similar notice last October, but was able to increase share price in time. Shares were increasing this year, until the company's CEO failed at a second attempt to take the company private. Jeff Smulyan, a former Seattle Mariners owner, offered a premium $2.40 per share to buy-out his employer, but could not sway board members. The vote stalled more than five times before Smulyan finally threw in the towel.
Emmis Communications Corp. (Nasdaq: EMMS) is back in Nasdaq delisting danger zone.
Shares for the Indianapolis-based radio and magazine company, which operates Texas Monthly and half a dozen Austin area radio stations, dropped below the minimum $1 per share price for more than 30 consecutive business days.
The company received a notice from Nasdaq this month warning stock must trade above the minimum for 10 consecutive days before May 2, or risk being booted off the market. Shares last traded above $1 on Sept. 20.
Shares were selling at about 77 cents during Monday afternoon trading. They have sold at a high $2.45 and low 75 cents in the past 52 weeks.
Emmis received a similar notice last October, but was able to increase share price in time. Shares were increasing this year, until the company's CEO failed at a second attempt to take the company private. Jeff Smulyan, a former Seattle Mariners owner, offered a premium $2.40 per share to buy-out his employer, but could not sway board members. The vote stalled more than five times before Smulyan finally threw in the towel.
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Read more: Texas Monthly parent faces delisting | Austin Business Journal "
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