IBEM receives an extension from Nasdaq:
biz.yahoo.com
Friday August 10, 9:21 am Eastern Time
Press Release
iBEAM Broadcasting Receives Nasdaq Listing Extension
SUNNYVALE, Calif.--(BUSINESS WIRE)--Aug. 10, 2001--iBEAM Broadcasting® Corp. (Nasdaq:IBEM - news), a leading
provider of streaming communications solutions, announced today that Nasdaq has granted the company an extension of time to
regain compliance with Nasdaq's minimum closing bid requirement. The extension is conditioned upon the consummation of a
one-for-ten reverse split of the company's stock, which is to be submitted to a vote of the company's shareholders at their annual
meeting scheduled for September 12, 2001.
As previously announced on May 31, 2001, the company's stock was subject to possible delisting by Nasdaq effective August 8,
2001, due to non-compliance with Nasdaq's minimum closing bid requirement. Under applicable Nasdaq rules, the company was
required to demonstrate compliance by maintaining a minimum closing bid of at least $1.00 for a minimum of 10 consecutive
trading days by August 8, 2001. The company did not meet that requirement. However, based on the extension granted by
Nasdaq, the company's stock will continue to be listed pending the effective date of the reverse stock split. |
