Granite Broadcasting Corp. said Monday that its board of directors has authorized a
stock-repurchase program of up to $2 million of the company's cash on hand.
The company's announcement came one week after it told the Securities and
Exchange Commission that it had received a letter from NASDAQ that it was in
violation of the stock exchange's rules and could be delisted.
NASDAQ notified the company that the value of its common stock was below the
threshold $35 million required for continued listing on the exchange.
NASDAQ told Granite its common stock must attain a market value of $35
million or more for at least 10 business days on or before Oct. 9. If it
doesn't, NASDAQ said, it would take steps to delist Granite from the exchange,
although Granite would have the opportunity to request a hearing before the
exchange's Listing Qualification Panel.