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Monday, August 1, 2011

Spanish Broadcasting System is back in compliance with NASDAQ

Spanish Broadcasting System SBS was facing the potential of being delisted from the NASDAQ exchange, after its stock price fell below the $1.00 line. Shareholders agreed to a one-for-ten reverse stock split, which raised the stock price from below $1 to above $4, in a move that became effective July 12. In a filing with the Securities and Exchange Commission, SBS says "the Company received notification from The NASDAQ Stock Market that it had regained compliance with the $1.00 minimum closing bid price requirement in accordance with NASDAQ listing rules." You can track SBS stock (SBSAD) here.

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