SAN FRANCISCO--(BUSINESS WIRE)--Aug. 21, 2002--Salon Media Group, Inc. (Nasdaq:SALNC - News), received notice from NASDAQ that its common stock will continue to be listed on The NASDAQ SmallCap Market via an exception from both the bid price and market value of publicly held shares requirements. While Salon Media Group, Inc. did not satisfy the bid price requirement on August 13, 2002 and failed to satisfy the $1,000,000 of publicly held shares requirement for the 30 consecutive trading days ended August 9, 2002, the temporary listing was continued subject to Salon meeting certain conditions.
On or before November 11, 2002, the company must satisfy the market value of publicly held shares requirement and immediately thereafter evidence compliance for a minimum of ten consecutive trading days. In addition, on or before February 10, 2003, the company must demonstrate a closing bid price of $1.00 per share and immediately thereafter evidence compliance for a minimum of ten consecutive trading days.
In the event the Company is deemed to have met the terms of this exception, it shall continue to be listed on The NASDAQ SmallCap Market. The Company believes it can meet these conditions, however, there can be no assurance it will do so. Salon intends to seek shareholder approval of a range of possible reverse stock splits. If at some future date the Company's securities should cease to be listed on The NASDAQ SmallCap Market, they may continue to trade on the OTC-Bulletin Board. For the duration of any grace period, the Company's NASDAQ symbol will continue to be SALNC.
"We're obviously pleased to have received this extension from NASDAQ," said Michael O'Donnell, Salon's CEO & President.
"Safe Harbor" Statement under the U.S. Private Securities
I gather this is not uncommon, or at least not unprecedented??? There wouldn't be any chicanery going on under the bleachers from some long-ball-hitters...nah!
"We're obviously pleased to have received this extension from NASDAQ," said Michael O'Donnell, Salon's CEO & President.
Spect he is ; ) Maybe they'll be around long enough for him to change his panties.
FGS