Finding Its Voice Again
NJBIZ, Nov 22, 2004
Audible in Wayne, a provider of spoken-word audio entertainment, made its way back to the Nasdaq National Market last week and began trading under the symbol ADBL. To go with its relisting, Audible priced an offering of 1.5 million shares of common stock at $24.50 per share. The company expects to raise $34.5 million when the shares are issued on November 23.
Audible was delisted from the Nasdaq in February 2003 and has been trading over the counter. The company failed to meet the minimum bid price of $1.00 per share for 180 consecutive days and the minimum amount of shareholders' equity to remain on the Nasdaq SmallCap Market. Last week shares were trading at between $25 and $26.
Copyright Snowden Publications, Inc. Nov 22, 2004
Provided by ProQuest Information and Learning Company. All rights Reserved
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