Nudged from the NASDAQ Global Market, Young Broadcasting has transferred its listing to the NASDAQ Capital Market, formerly known as the NASDAQ SmallCap Market, designed for companies with too small a market value for the main board.
The transfer was effective at the opening of trading Sept. 10. The company will continue to trade under the symbol YBTVA.
June 3, Young was notified by NASDAQ about its failure to post a minimum $15 million market value of publicly held shares, a requirement for continued listing on The NASDAQ Global Market. Aug. 14, NASDAQ notified Young about its noncompliance with the minimum $1-per-share bid price requirement. Young requested and was granted the transfer to new board, giving it till Nov. 28 to show compliance with Capital Market's rules.
Young, which owns 10 television stations, took a $139 million write-down on the license of its flagship KRON in San Francisco in the second quarter.
Young's stock, above $50 per share in the former millennium, was trading at 7 cents Thursday.
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