Terrestar in breach of Nasdaq rules
MSS operator Terrestar has revealed that on March 9, the company received notification from Nasdaq that it was in breach of the stock exchange’s minimum US$1 share price rule.
Terrestar now has 180 days, or until September 7, to regain compliance. To do…
MSS operator Terrestar has revealed that on March 9, the company received notification from Nasdaq that it was in breach of the stock exchange’s minimum US$1 share price rule.
Terrestar now has 180 days, or until September 7, to regain compliance. To do so, the company’s share price must close at US$1 or more for a minimum of 10 consecutive business days within this period.
Last September, Terrestar’s rival ATC licence holder IOC Global also fell foul of Nasdaq’s minimum bid price compliance rules. At the time, ICO stated that it would consider all available options to maintain its listing including a potential reverse stock split that had already been approved by its shareholders. However, at the beginning of 2010, ICO revealed that it regained compliance.
While Terrestar also stated that it intends to maintain its listing and would consider available options to regain compliance, it did not mention a potential reverse stock split as one of those options.
