Emmis to Avoid NASDAQ Delisting as Shares Rise

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Shares of Emmis Communications have traded above $1.00 for the past five days, closing Monday at $1.50. This puts the broadcaster halfway to maintain its listing on NASDAQ. The stock exchange notified Emmis in September that it would be delisted if the company's stock didn't rise above the minimum bid price of $1 per share for 10 straight business days before March 15.

Emmis' string of closings above $1 began on October 13, when shares ended the day at $1.15, reports the Indianapolis Business Journal. Previously, shares hadn't traded for more than $1 in more than a year. The stock price rose to $1.32 last week before rising to $1.46 on last Friday. Shares climbed to $1.50 on Monday, marking their highest closing since September, 2008.

Wells Fargo analyst Marci Ryvicker wrote in a report earlier this month that September revenue, which will be reported in the Emmis' fiscal third quarter results, was better than August's. And so far, October seems to be looking healthier than September.