Good news for SBS. On July 26th, the company received notification from The Nasdaq that it regained compliance with the $1.00 minimum closing bid price requirement in accordance with Nasdaq listing rules. The Nasdaq Listing Qualifications Panel has determined to continue the listing of the Company?s securities on The Nasdaq Stock Market.
On July 5th, with a goal of regaining compliance, SBS filed for a one-for-ten reverse stock split of the company?s outstanding Class A common stock, par value $0.0001 per share and Class B common stock, par value $0.0001 per share . The reverse stock split became effective July 12, 2011.
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