Salon Media Group, Inc. (Nasdaq:SALNC), received notice from NASDAQ that its common stock will continue to be listed on The NASDAQ SmallCap Market via an exception from both the bid price and market value of publicly held shares requirements. While Salon Media Group, Inc. did not satisfy the bid price requirement on August 13, 2002 and failed to satisfy the $1,000,000 of publicly held shares requirement for the 30 consecutive trading days ended August 9, 2002, the temporary listing was continued subject to Salon meeting certain conditions.
On or before November 11, 2002, the Company must satisfy the market value of publicly held shares requirement and immediately thereafter evidence compliance for a minimum of ten consecutive trading days. In addition, on or before February 10, 2003, the Company must demonstrate a closing bid price of $1.00 per share and immediately thereafter evidence compliance for a minimum of ten consecutive trading days.
In the event the Company is deemed to have met the terms of this exception, it shall continue to be listed on The NASDAQ SmallCap Market. The Company believes it can meet these conditions, however, there can be no assurance it will do so. Salon intends to seek shareholder approval of a range of possible reverse stock splits. If at some future date the Companys securities should cease to be listed on The NASDAQ SmallCap Market, they may continue to trade on the OTC-Bulletin Board. For the duration of any grace period, the Companys NASDAQ symbol will continue to be SALNC.
"Were obviously pleased to have received this extension from NASDAQ," said Michael ODonnell, Salons CEO & President.
"Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: This press release, including the statement of Michael ODonnell, contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. The forward-looking statements contained herein include statements about future financial and operating results of the Company and the Companys ability to remain listed on the Nasdaq SmallCap Market. Factors that could cause actual results to differ materially from those described herein include: the inability to meet the conditions for continued listing on the Nasdaq SmallCap Market within the specified times, the inability to obtain shareholder approval of a reverse stock split; adverse economic conditions which may have an adverse impact on the Companys stock price and, accordingly, the Companys ability to remain listed on the Nasdaq SmallCap Market, including the economic environment of the media industry, the difficulty in securing on-line advertising, growth in subscription revenue programs, uncertain revenue sources and the general economic environment. More detailed information about these factors is set forth in the reports filed by the Company with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Note: Salon is a registered trademark of Salon Media Group, Inc. All other company and product names mentioned are trademarks of their respective owners.