Dallas -- Source Media Inc. announced Friday that it received a warning from
NASDAQ that its stock could be delisted from the exchange.
In a press release, Source said NASDAQ indicated in a Jan. 9 letter 'that
Source Media was not in compliance with the market-capitalization requirement
for continued listing . and that its securities are, therefore, subject to
delisting from The NASDAQ National Market.'
Source said it requested a hearing before a NASDAQ Listing Qualifications
Panel, but the company warned, 'There can be no assurance that the panel will
grant Source Media's request for continued listing.'
The moves come as Source, which carries more than $90 million in debt, has
been battered in the stock market in recent weeks. On Dec. 18, its shares closed
below $1 for the first time ever.
The company closed at a low of 47 cents Dec. 29 but surged above the $1 mark
Jan. 10, when it closed at $1.09. Shares in the company closed at $1.25