Troubled Young Broadcasting is facing delisting on the NASDAQ exchange for not meeting the requirement of a $15 million market value, reports the Albany Business Review.
Reporter Richard A. D’Errico says Young, which owns the likes of WKRN Nashville and of course the world’s most expensive MyNetworkTV station in KRON San Francisco, isn’t even close to the minimum.
Chief Financial Officer James Morgan said Young, which owns 10 television stations, including WTEN/Channel 10 in Albany, N.Y., had a market value that was "significantly below" Nasdaq’s requirements. Nasdaq, in its calculations, does not include shares owned by insiders or those that own more than 5 percent of the company’s shares. Morgan declined to provide the company’s market value.
Young (Nasdaq: YBTVA), based in New York, was notified by Nasdaq in February about a possible delisting. The company had 90 days to regain compliance. But on June 2, the end of the 90-day period, Young still had not met Nasdaq’s minimum requirements.
Morgan said Young was going to be asking Nasdaq to review its decision.
Thanks to TVNewsday for the link.