August 15, 2008

Sounds Like Real Trouble at Radio One

Don't worry if you have Class D Common Shares “which represent over 95% of the company's outstanding public float.” Huh?



R&R reports that Radio One’s executive board was in an emergency meeting this morning as the company’s stock (or Class A Common Shares) will be delisted by the Nasdaq Stock Market.


The “emergency meeting” began Thursday morning and is expected to continue at least through today as executives at the nation’s seventh largest radio company deal with the company’s falling share price and overall value, and “some other things,” R&R has learned.
Radio One has rarely traded above $1 per share for weeks and closed on Thursday at 93 cents a share. The 52-week low is 77.1 cents per share reached on Wednesday. During the company’s Aug. 5 teleconference with Wall Street analysts and investors to report the company’s second quarter earnings, CEO and president Alfred Liggins III, reported that the company was making every effort possible to get the company’s share price above a dollar. At 10 a.m. this morning, shares of ROIAK were up 2.15% or 2 cents to 95 cents. If Radio One does not achieve compliance, and it does not appear that is likely, Nasdaq will provide written notification that Radio One’s securities will be delisted.


What does it all mean? One share of Radio One stock won't buy you anything from the dollar menu and you can't sell, trade or buy it on Nasdaq. A Class A share has become a worthless investment.
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