News
On Monday, Charter Communications received notice from the Nasdaq Stock Market that its Class A common stock had closed below $1 per share for 30 consecutive business days – meaning the MSO is not in compliance with Marketplace Rule 4450(a)(5).
If Charter’s Class A common stock closes at or above $1 for 10 consecutive business days any time before Oct. 13, and if Charter meets all other Nasdaq listing requirements, then the MSO may regain compliance.
If Charter does not win back compliance by Oct. 13, it can apply for continued listing on The Nasdaq Capital Market if it meets the Nasdaq’s initial listing requirements (minus the minimum price rule at the time).
And if Charter is approved for continued listing, the company will be granted up to an additional 180 days to regain compliance while trading on The Nasdaq Capital Market.
Charter’s ongoing operations, as well as the debt covenants applicable to Charter and its subsidiaries, are not directly affected by the Company’s non-compliance with Marketplace Rule 4450(a)(5) or continued trading on the Nasdaq Global Select Market, Charter said.
In a statement, the MSO said, “Charter is committed to continuing to improve our operating and financial results to increase value for our shareholders.”
More Broadband Briefs:
• Battle lines drawn at network neutrality forum
• Charter not in compliance with Nasdaq Stock Market
• NFL Networks notifies Comcast of intent to file complaint with FCC
• DirecTV buys installation co.
