Dial Global Plans To Delist From NASDAQ

11-15-2012

Dial Global has notified the Nasdaq Stock Market of its intention to voluntarily delist. In a statement, the company said, "The decision to voluntarily delist from NASDAQ was taken following a review by the company's Board of Directors, which determined that a delisting would be in the best interests of the company. In reaching this conclusion, the company's Board of Directors considered numerous factors, including, among other things, the compliance costs and obligations that result from the maintenance of the company's listing on NASDAQ, the relatively limited historical volume of trading in the company's common stock, the applicable federal securities laws, and the applicable NASDAQ rules."

The company currently anticipates that it will file a Form 25 with the U.S. Securities and Exchange Commission on or about November 26, 2012 to commence the delisting process. It is expected that the delisting will take effect on or about December 6, 2012. The company has not arranged for listing and/or registration of its common stock on another national securities exchange. Following delisting, the company's common stock will no longer trade on NASDAQ under the symbol "DIAL," and it is expected that, if one or more market makers determine to make a market in our common stock, the company's common stock will then instead trade on the OTC Pink Sheets.

In a separate SEC filing, Dial Global says it was unable to file its Quarterly Report on time. The report was due yesterday. And, here are the reasons. "For the last several weeks, the company has been involved in extensive negotiations with its lenders to cure certain noncompliance events under its credit agreements, namely not complying with: its debt leverage and interest coverage covenants measured as of September 30, 2012; its quarterly interest payment obligations on Friday, November 9, 2012; certain reporting obligations (including those which the company has historically satisfied by delivering its Form 10-Q to its lenders, and certain notice obligations. Such negotiations resulted in the execution of second amendments and limited waivers to the company's credit facilities to waive these non-compliance events for a limited period of time. These amendments were executed today and are described in more detail in the company's 10-Q which we anticipate filing with the SEC today."

Read the full Dial Global 10-Q HERE

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NASDAQ Gives Emmis Breathing Room.

4-30-2012

Emmis, with it's stock price below $1.00, has been at risk of a delisting from the NASDAQ. However the the exchange has given Emmis an extension to August 27th to get the stock up over $1.00. To stay listed, Emmis is going to have to get the stock price over $1.00 for at least ten consecutive business days. A company statement said "We appreciate NASDAQ's ruling and the extension to gain compliance. Based on recent corporate actions, we are confident we will meet all listing requirements before the new deadline."

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Dial Global At The NASDAQ

With the Westwood One Deal in the rearview mirror the Dial Global team made an appearance at the NASDAQ this week and CEO's Spencer Brown, David Landau and Ken Williams, along with Neal Schore, Chairman of Dial Global's Board of Directors, rang the Opening Bell.

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NASDAQ Sends Emmis Delisting Notice

Late Wednesday, Emmis received notification from Nasdaq that the Company's Class A Common Stock had closed below the minimum $1.00 requirement for 30 consecutive business days and therefore is not in compliance. The Company has until February 27, 2012, to regain compliance with the Minimum Bid Price Rule. During this period, the Company's Class A Common Stock will continue to trade on the Nasdaq Global Select Market.

"The notice from Nasdaq was not a surprise, but the timing is ironic coming the very day before we closed the Merlin transaction and repaid approximately $120 million of our debt.  We are optimistic that the performance of our businesses and our continued efforts to rationalize our balance sheet will enable us to achieve compliance with the Minimum Bid Price Rule before February 27, 2012," said Smulyan.

If at any time before February 27, 2012, the bid price of the Company's Class A Common Stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will notify the Company that it has achieved compliance with the Minimum Bid Price Rule. If the Company does not regain compliance with the Minimum Bid Price Rule by February 27, 2012, Nasdaq will notify the Company that its Class A Common Stock will be delisted from the Nasdaq Global Select Market.  Nasdaq rules would then permit the Company to appeal any delisting determination by the Nasdaq staff to a Listing Qualifications Panel.

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