In order to meet the requirement for continued inclusion, NASDAQ is requesting that Radio One regain compliance within 90 calendar days (until August 19) for the company’s Class A shares which have now fallen below the minimum requirement. If compliance cannot be established by August 19, NASDAQ will delist those shares, at which time Radio One can appeal. For the last 30 consecutive trading days NASDAQ asserts that Radio One’s class A common shares have not maintained the minimum market value of publicly held shares of $5 million as required for continued inclusion. The notification does not affect Radio One’s class D common shares which represent over 95% of its outstand ing public float.
CEO Alfred Liggins commented: “This is a result of the gradual migration of our class A shareholders into our class D shares. Since January 2005, we have seen shareholders convert almost 18 million shares of class A stock into class D Stock given the conversion rights that the class A shares carry and the greater liquidity in the class D shares.”
