Peoria Pundit

Via PRNewswire:

Regent Communications, Inc. (Nasdaq: RGCI) announced today that on August 11, 2008, it received a letter from The Nasdaq Stock Market, Inc. (”Nasdaq”) notifying the Company that for the 30 consecutive trading days preceding the date of the letter, the bid price of the Company’s common stock had closed below the $1.00 per share minimum required for continued inclusion on the Nasdaq Global Market pursuant to Nasdaq Marketplace Rule 4450(a)(5).

The letter further notified the Company that, in accordance with Nasdaq Marketplace Rule 4450(e)(2), the Company will be provided 180 calendar days, or until February 9, 2009, to regain compliance with the minimum bid price requirement. Compliance will be achieved if the bid price per share of the Company’s common stock closes at $1.00 per share or greater for a minimum of ten consecutive trading days prior to February 9, 2009.

If the Company does not achieve compliance within the required period, the Nasdaq staff will provide written notification that the Company’s securities will be delisted. In that event and at that time, the Company may appeal the Nasdaq staff delisting determination to a Nasdaq Listing Qualifications Panel. Alternatively, the Company can apply to transfer its securities to The Nasdaq Capital Market if it satisfies the requirements for initial inclusion set forth in Marketplace Rule 4310(c), other than the bid price requirement, either during the first 180 day period or after February 9, 2009. If the Company’s application is approved, the Company will be afforded the remainder of a second 180 calendar day compliance period in order to regain compliance with the Minimum Bid Price Rule.

Regent operates in Peoria at 120 Eaton St., the funny-looking building you can see to your left as you cross the Illinois River on the Murray-Baker Bridge.

They operate a bunch of local stations I don’t listen to (no offense, but it’s true). They include 95.5 GLO, 97.3 River Country, AM 1140 WVEL, 105.7 The X Rocks and Power 92.3.

Here’s why I haven’t been as concerned about Regent’s troubles than I have been GateHouse Media. It’s a matter of numbers. More people work for the Journal Star, one of GateHouse’s newspapers, than all of Regent’s local radio station’s combined. Radio stations are licensed. SOMONE will buy up those licenses if Regent collapses. And all that means is the company pumping canned music into our ears will be owned by a different soulless out of state corporation than the one with it’s hands on the dials now.

And frankly, Peoria journalism isn’t going to suffer all that much because five stations are owned by a company that’s going out of business. Peoria journalism is weaker because of the cuts and early retirements at the PJS.

But I’ve never seen a reporter from a Regent station at ANY news event. Live remotes from a bar or some advertiser holding a sale don’t count. All five of these stations could vanish from the face of the Earth, and there would be zero effect on Peoria journalism, except that their advertising might go to media that actually provide news and information.

But as I said, the stations will probably survive, and probably go through another format change.

Sorry for being blunt.

Hat tip: Commenter, blogger and radio executive B.J. Stone.

This entry was posted on August 26, 2008 at 12:07 am and is filed under Uncategorized with tags Peoria, radio, Regent Communications. You can follow any responses to this entry through the RSS 2.0 feed Both comments and pings are currently closed.