NASDAQ is delisting the battered stock of Equity Media Holdings (OTC: EMDAQ), the stock franchise announced. All Equity common stock, warrants and securities were dropped from the board and placed into over-the-counter trading. NASDAQ suspended Equity Dec. 18 and hadn’t allowed trading of the stock since then. Former delisting procedures have been initiated.
Equity, based in Little Rock, Ark., posted a $40.7 million loss in 2007, and mounting losses last year--$10.4 million in Q1; $12.5 million in 2Q and more than $30 million in the third quarter. The company struggled to stay afloat, selling off its Retro TV diginet in June, when the former CEO Henry Luken III also bought several of Equity’s 30-some stations.
NASDAQ requires a company to have a minimum of $2.5 million in stockholder equity, $35 million in listed securities or $500,000 in net income for the most recent fiscal year, or at least two of the last three. Equity was unable to meet any of those criteria as much as six months ago. The stock is now priced at about a penny.
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