Spanish Broadcasting System, Inc. Announces Transfer of Listing to The NASDAQ
MIAMI, April 11, 2013 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc.
(the "Company" or "SBS") (Nasdaq:SBSA) received approval from The Nasdaq Stock
Market ("NASDAQ") to transfer the listing of the Company's common stock from
The NASDAQ Global Market to The NASDAQ Capital Market. The NASDAQ Capital
Market is one of the three markets for NASDAQ-listed stocks and operates
similarly to The NASDAQ Global Market. Companies listed on The NASDAQ Capital
Market must meet certain financial requirements and adhere to NASDAQ's
corporate governance standards. The Company's common stock began trading on
The NASDAQ Capital Market at the opening of business on April 10, 2013. The
Company's common stock will continue to trade under the symbol "SBSA."
As previously reported, on October 3, 2012, the Company received a written
deficiency notice (the "Notice") from NASDAQ, advising it that the market
value of its Class A common stock for the previous 30 consecutive business
days had been below the minimum $15,000,000 ("Market Value of Publicly Held
Shares Requirement") required for continued listing on the NASDAQ Global
Market pursuant to NASDAQ Listing Rule 5450(b)(3)(C) (the "Rule"). Pursuant to
NASDAQ Listing Rule 5810(c)(3)(D), the Company was provided an initial grace
period of 180 calendar days, or until April 1, 2013, to regain compliance with
the Rule. The Company did not regain compliance with the Rule and on March 29,
2013, it filed an application to be listed on the NASDAQ Capital Market, which
was granted on April 9, 2013.
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. is the largest publicly traded
Hispanic-controlled media and entertainment company in the United States. SBS
owns and/or operates 21 radio stations located in the top U.S. Hispanic
markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, airing the Tropical, Mexican Regional, Spanish Adult Contemporary and
Hurban format genres. The Company also owns and operates MegaTV, a television
operation with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico. SBS also produces live concerts and
events and operates www.LaMusica.com, a bilingual Spanish-English online site
providing content related to Latin music, entertainment, news and culture. The
Company's corporate Web site can be accessed at www.spanishbroadcasting.com.
This press release contains certain forward-looking statements. These
forward-looking statements, which are included in accordance with the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, may
involve known and unknown risks, uncertainties and other factors that may
cause the Company's actual results and performance in future periods to be
materially different from any future results or performance suggested by the
forward-looking statements in this press release. Although the Company
believes the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, it can give no assurance that actual
results will not differ materially from these expectations. Forward-looking
statements, which are based upon certain assumptions and describe future
plans, strategies and expectations of the Company, are generally identifiable
by use of the words "may," "will," "expect," "believe," "anticipate,"
"intend," "could," "estimate," "might," or "continue" or the negative or other
variations thereof or comparable terminology. Factors that could cause actual
results, events and developments to differ are included from time to time in
the Company's public reports filed with the Securities and Exchange
Commission. All forward-looking statements made herein are qualified by these
cautionary statements and there can be no assurance that the actual results,
events or developments referenced herein will occur or be realized. The
Company undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of unanticipated
events or changes to future operation results.
CONTACT: Analysts and Investors
Jose I. Molina
Vice President of Finance
Analysts, Investors or Media
Brainerd Communicators, Inc.
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