NEW YORK-Tower company SBA Communications Corp. has been notified by The Nasdaq Stock Market Inc. that it may be delisted from the Nasdaq National Market because its Class A Common Stock has closed below the minimum $1 per share requirement during the past 30 consecutive trading days.
SBA has been granted until Feb. 10, 2003, to regain compliance. In order to do so, the company’s stock must close at or above $1 per share for a minimum of 10 consecutive trading days. Otherwise, SBA will be delisted from the Nasdaq National Market.
SBA has the option to apply to transfer its stock to the Nasdaq SmallCap Market, which SBA President and Chief Executive Officer Jeffrey Stoops indicated the company would do in SBA’s third-quarter earnings call earlier this month.
At press time, shares of SBA were trading up more than 36 percent at 60 cents per share.
