Young Broadcasting has been delisted from NASDAQ as its stock price continues to slide. Trading of Young common stock was suspended as of this morning.
Young said it did not intend to appeal the NASDAQ Hearing Panel's determination, and is working with "a market maker to complete the application to have its common stock quoted on the OTC Bulletin Board, a regulated quotation service for over-the-counter securities." Young said it can provide "no assurance that any market makers will commit to make a market in the Company's shares."
Young, which owns 10 stations, including KRON San Francisco, was warned by NASDAQ in June that it had to boost its overall market value to stay listed. Its stock is at 5 cents at press time, down from a 52-week high of $1.43.