On Friday (6/23), Salem Media Group, Inc received notice from The Nasdaq Stock Market that Salem’s Common Stock failed to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market based upon the closing bid price of the Common Stock for the 32 consecutive business days
prior to the date of the notice. Salem now has a compliance period of 180 calendar days in which to regain compliance for the minimum bid price requirement. That expires on December 20, 2023. To regain compliance, the minimum bid price of the Common Stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days at any time prior to the compliance date. In its filing with the Securities and Exchange Commission, Salem says it intends to monitor the closing bid price of the Common Stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
