Hispanic media company Spanish Broadcasting System (SBS) received a written deficiency notice from the NASDAQ Stock Market, where SBS trades, stating it was not in compliance with NASDAQ's minimum bid price.
SBS stock has traded at below $1.00 per share for 30 consecutive business days as of Aug. 20. The company has 180 days, or until February 17, 2009 to regain compliance with the Minimum Bid Price Rule, which requires that common stock must be at $1.00 or higher per share for at least 10 consecutive business days.
SBS is in the process of aggressively expanding distribution and programming of its television channel, Mega TV. The company owns some of the top rated Spanish language radio stations in the country including WSKQ in New York.