RHI Entertainment Receives Notice of Nasdaq Listing Deficiencies

RHI Entertainment, Inc. (NASDAQ: RHIE), a leading developer, producer, and distributor of made-for-television (MFT) movies, miniseries, and other television programming, announced today that on December 24, 2009 it received notice from The Nasdaq Stock Market ("Nasdaq") indicating that, for 30 consecutive business days, the Company’s common stock failed to maintain a minimum Market Value of Publicly Held Shares (“MVPHS”) of $5,000,000 as required by Listing Rule 5450 (b)(1)(C) and did not maintain a minimum bid price of $1.00 per share as required by Listing Rule 5450(a)(1). Neither notice results in an immediate delisting of the Company’s common stock from Nasdaq.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company is provided a grace period of 90 calendar days, or until March 24, 2010, to regain listing compliance with rule 5450(b)(1)(C). To regain compliance, the Company’s MVPHS needs to close at $5,000,000 or more for a minimum of 10 consecutive business days. The Company may apply for transfer of its common stock to The Nasdaq Capital Market prior to the expiration of the 90-day grace period if it satisfies all of the requirements for initial listing on The Nasdaq Capital Market as set forth in Listing Rule 5505.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company is also provided a grace period of 180 calendar days, or until June 22, 2010, to comply with Listing Rule 5450 (a)(1). If at anytime during this grace period the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance. If the Company does not regain compliance under Listing Rule 5450(b)(1)(C) within the grace period of 180 days, Nasdaq will provide written notification to the Company that its common stock may be delisted. At that time, the Company may apply for the transfer of its common stock to The Nasdaq Capital Market prior to the delisting date if it satisfies all of the requirements, other than minimum bid price, for initial listing on The Nasdaq Capital Market as set forth in Listing Rule 5505. If the Company elects to apply for such transfer, and the application is approved, the Company would be eligible for an additional 180 calendar day grace period.

At this time, neither notification has any effect on the listing of the Company’s common stock on Nasdaq and the Company’s common stock will continue to trade on Nasdaq under the symbol RHIE. The Company is evaluating all of its options following receipt of these notifications and intends to work diligently to attempt to retain listing of its common stock on Nasdaq.

About RHI Entertainment

RHI Entertainment, Inc. (NASDAQ: RHIE) develops, produces and distributes made-for-television movies, miniseries and other television programming worldwide, and is the leading provider of new long-form television content in the United States. Under the leadership of Robert Halmi, Sr. and Robert Halmi, Jr., RHI has produced and distributed thousands of hours of quality television programming, and RHI’s productions have received more than 100 Emmy Awards. In addition to the development, production and distribution of new content, RHI owns rights to over 1,000 titles comprising more than 3,500 broadcast hours of long-form television programming, which are licensed to broadcast and cable networks and new media outlets globally.

Rhi Entertainment (MM) (NASDAQ:RHIE)
Historical Stock Chart
From Apr 2024 to May 2024