A publicly traded company does not want to be delisted. A class of Radio One shares stepped back from that brink this week, when the NASDAQ Stock Market told the company that its Class D shares, traded under the symbol ROIAK, had regained compliance with its minimum bid price listing requirements and were in good standing on its Global Market.
Radio One had been told in September that its Class D share price had closed below the $1 minimum bid for 30 business days. Market rules required the price to come back into compliance within 180 days.
The company’s D shares this summer were added to the Russell 3000 Index.
Radio One’s Class D common stock, traded under the symbol ROIAK, and Class A common stock (ROIA) are similar, but D is less privileged. Holders of Class A have one vote per share while Class D offers no votes. Holders of Class A also may convert into Class D, but not the other way around, according to the company website.
The media company primarily targets African-American and urban consumers and has 53 broadcast stations in 16 markets, plus syndicated programming and a controlling interest in Reach Media Inc., owner of the “Tom Joyner Morning Show.”
