TSAT to Move to Nasdaq's OTC Bulletin Board
PR Newswire - April 21, 1999 20:45
ENGLEWOOD, Colo., April 21 /PRNewswire/ -- TCI Satellite Entertainment, Inc. ("TSAT" or the "Company") announced today that it has asked the Nasdaq Stock Market to remove the Company's two outstanding series of common stock, the TSAT Series A Common Stock (Nasdaq: TSATA) and the TSAT Series B Common Stock (Nasdaq: TSATB) from listing on the Nasdaq National Market. The Company expects that both series will immediately become eligible for quotation on Nasdaq's over-the-counter bulletin board.
The Company had been notified by Nasdaq that the net tangible assets of the Company, as reported on its most recent Annual Report on Form 10-K, fell below Nasdaq's requirements for continued listing on the Nasdaq National Market. In addition, the recent closing bid price of the Company's Series A Common Stock, and the market value of the public float of its Series B Common Stock, had fallen below the maintenance requirements of the Nasdaq National Market.
"Although the Company is currently exploring a number of potential strategies to enhance its financial performance and market value, no assurances can be given that any such strategy will enable the Company to regain compliance with the quantitative listing requirements of the Nasdaq Stock Market over the next fiscal quarter," said a Company spokesperson. "The Company is asking Nasdaq to voluntarily de-list the TSAT Series A and Series B Common Stock to help facilitate a smooth transition from the National Market to the OTC Bulletin Board."
TCI Satellite Entertainment, Inc. (TSAT) is a leading digital satellite company headquartered in Englewood, Colorado. Assets include a 37% interest in PRIMESTAR, Inc., which markets and distributes PRIMESTAR equipment and programming nationally, and Tempo Satellite, Inc., which represents TSAT's high power satellite interests. TCI Satellite Entertainment Series A and Series B Common Stock trade on The NASDAQ Stock Market under the symbols TSATA and TSATB respectively.
SOURCE TCI Satellite Entertainment, Inc.
/CONTACT: Richard Edmonds, Media Relations, 212-521-5212, or Sean Clarke,
Investor Relations, 303-712-4647, both of PRIMESTAR, Inc./
(TSATA TSATB) |
