Salem Media Group has become the latest radio company to see its stock fall out of compliance with its stock exchange.
Salem has received a letter from the Nasdaq Stock Market informing them that it has failed to comply with the $1 minimum bid price for 32 consecutive business days required for continued listing. The company has a compliance period of 180 calendar days in which to regain compliance for the minimum bid price requirement expiring on December 20, 2023. To regain compliance, the minimum bid price of the company’s Common Stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days at any time prior to the compliance date.
In an SEC filing informing shareholders, Salem states it intends to monitor the closing bid price of the Common Stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
Salem’s Class A stock closed at 94 cents on Friday, June 23.
On June 23, 2023, Salem Media Group, Inc. (the “Company”) received a letter (the “Letter”) from The Nasdaq Stock Market (“Nasdaq”) informing the Company that its common stock, par value $0.01 per share (the “Common Stock”), failed to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5450(a)(1) based upon the closing bid price of the Common Stock for the 32 consecutive business days prior to the date of the Letter.
The Letter also indicated that the Company has a compliance period of 180 calendar days in which to regain compliance for the minimum bid price requirement under Rule 5450(a)(1), which compliance period expires on December 20, 2023 (the “Compliance Date”). To regain compliance, the minimum bid price of the Common Stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days at any time prior to the Compliance Date.
The Company intends to monitor the closing bid price of the Common Stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
