|
||
WorldSpace Receives NASDAQ Listing Deficiency Letter |
||
|
SILVER SPRING, Md., Aug. 31, 2006/Satnews Daily/ — Worldspace Satellite Radio (NASDAQ:WRSP) said on Wednesday that it received a NASDAQ Staff Deficiency Letter on August 24, 2006 for its failure to comply with the minimum $50 million market value of listed securities requirement as set forth in Marketplace Rule 4450(b)(1)(A).
As of August 23, 2006 NASDAQ's calculation of the market value of listed securities was $47,804,046 based on current shares outstanding of 21,341,092 and a closing bid price of $2.24.
Worldspace and Yenura Pte. Ltd., the company's largest stockholder, said they have agreed that Yenura will exchange at this time its equity holdings in the company consisting of all of the outstanding shares of the company's Class B Common Stock, par value, $.01 per share, for shares of the company's listed Class A Common Stock, par value $.01 per share.
The company said the exchange will be on a share-for-share basis and will result in the issuance of an additional 17,426,443 Class A Shares which will be listed on The NASDAQ Global Market, thus increasing to 38,767,535 the number of Class A Shares outstanding for purposes of calculating the market value of listed securities. Worldspace said the conversion will not result in any change in the company's weighted average number of shares outstanding since this number historically included the Class B Shares.
Yenura is a Singapore company in which Noah A. Samara, chairman and CEO of the company, owns all of the voting shares and a minority of the economic interests.
Recent Stories: Worldspace and CNN International Extend Global Relationship Worldspace Reports Subscriber Base Increase if 150%; Revenues Increases 140% to $1.9-M WorldSpace Commissions Terrestrial Repeater Prototypes for European Mobile Services |
||
