Dial Global Plans To Delist From NASDAQ
Dial Global has notified the Nasdaq Stock Market of its intention to voluntarily delist. In a statement, the company said, "The decision to voluntarily delist from NASDAQ was taken following a review by the company's Board of Directors, which determined that a delisting would be in the best interests of the company. In reaching this conclusion, the company's Board of Directors considered numerous factors, including, among other things, the compliance costs and obligations that result from the maintenance of the company's listing on NASDAQ, the relatively limited historical volume of trading in the company's common stock, the applicable federal securities laws, and the applicable NASDAQ rules."
The company currently anticipates that it will file a Form 25 with the U.S. Securities and Exchange Commission on or about November 26, 2012 to commence the delisting process. It is expected that the delisting will take effect on or about December 6, 2012. The company has not arranged for listing and/or registration of its common stock on another national securities exchange. Following delisting, the company's common stock will no longer trade on NASDAQ under the symbol "DIAL," and it is expected that, if one or more market makers determine to make a market in our common stock, the company's common stock will then instead trade on the OTC Pink Sheets.
In a separate SEC filing, Dial Global says it was unable to file its Quarterly Report on time. The report was due yesterday. And, here are the reasons. "For the last several weeks, the company has been involved in extensive negotiations with its lenders to cure certain noncompliance events under its credit agreements, namely not complying with: its debt leverage and interest coverage covenants measured as of September 30, 2012; its quarterly interest payment obligations on Friday, November 9, 2012; certain reporting obligations (including those which the company has historically satisfied by delivering its Form 10-Q to its lenders, and certain notice obligations. Such negotiations resulted in the execution of second amendments and limited waivers to the company's credit facilities to waive these non-compliance events for a limited period of time. These amendments were executed today and are described in more detail in the company's 10-Q which we anticipate filing with the SEC today."
Read the full Dial Global 10-Q HERE
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