Nasdaq warns Silver Spring-based WorldSpace Inc.
Daily Record, The (Baltimore), Aug 31, 2006 by Daily Record Staff
WorldSpace Inc., of Silver Spring, a provider of programming to satellite-based digital radio systems outside the United States, said it received a warning letter from Nasdaq that it is not in compliance with the electronic stock market's minimum $50 million market value of listed shares. In response, WorldSpace said its largest stockholder, Singapore-based Yenura Pte.
Ltd., has agreed to exchange all of its Class B common stock for shares of Class A common stock. As a result, WorldSpace said more than 17 million additional Class A shares will be issued, thereby bringing it into compliance with Nasdaq's listing requirement.
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