WorldSpace, Inc. Announces Receipt of Nasdaq Staff Deficiency Notice Related to Non-Compliance with Listing Requirements
October 27 2008 - 6:32PM
Business Wire
WorldSpace�, Inc. (NASDAQ: WRSP) a leading provider of satellite
radio services outside the United States, today announced that on
Oct. 21, 2008, it received notice from the staff of The Nasdaq
Stock Market, LLC that the Company will be delisted. Under
Marketplace Rules 4300, 4340(b), 4450(f) and IM-4300, the Nasdaq
staff has discretionary authority over the continued inclusion of
the Company�s securities on Nasdaq in the event that a
Nasdaq-traded company files for protection under any provision of
the federal bankruptcy laws. On Oct. 17, 2008 WorldSpace, Inc., and
its U.S. subsidiaries WorldSpace Systems Corporation and AfriSpace,
Inc., filed voluntary petitions for reorganization under Chapter 11
of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in
Delaware. In its letter to the Company, The Nasdaq Stock Market
staff also cited the Company as non-compliant with Marketplace Rule
4450(b)(1)(A) because the Company�s market value of listed
securities for 10 consecutive trading days had fallen been below
the minimum $50,000,000 requirement for continued inclusion; and
with Marketplace Rule 4450(b)(1)(B)�s requirement that total assets
and total revenue meet or exceed $50,000,000 each for the most
recently completed fiscal year or two of the last three most
recently completed fiscal years. The Company does not intend to
appeal The Nasdaq Stock Market staff�s determination. It is
therefore expected that common stock trading will be suspended at
the opening of business on Oct. 30, 2008 and a Form 25-NSE will be
filed by Nasdaq with the Securities and Exchange Commission (SEC)
which will remove the Company�s securities from listing and
registration on The Nasdaq Stock Market. About 1worldspaceTM Based
in the Washington, DC metropolitan area, 1worldspaceTM is the
world's only global media and entertainment company positioned to
offer a satellite radio experience to consumers in more than 130
countries with five billion people, driving 300 million cars.
1worldspace award-winning programming provides subscribers with a
combination of news, sports, music, talk and entertainment, as well
as brand-name content and educational programming. Leading brands
from around the globe found on 1worldspace include the BBC,
Absolute Radio (formerly Virgin Radio UK), and RFI. 1worldspace
satellites cover two-thirds of the earth and enable the Company to
offer a wide range of innovative services for enterprises and
governments globally, including distance learning, alert delivery,
data delivery, and disaster readiness and response systems.
1worldspace is a pioneer of satellite-based digital radio services
and was instrumental in the early development of the technology
infrastructure used today by XM Satellite Radio. For more
information, visit www.1worldspace.com. Forward Looking Statements
This press release may contain certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current
expectations or beliefs about future events and financial,
political and social trends and assumptions it has made based on
information currently available to it. The Company cannot assure
that any expectations, forecasts or assumptions made by management
in preparing these forward-looking statements will prove accurate,
or that any projections will be realized. Such forward-looking
statements may be affected by inaccurate assumptions or by known or
unknown risks or uncertainties. Actual results may vary materially
from those expressed or implied by the statements herein. For
factors that could cause actual results to vary, perhaps
materially, from these forward-looking statements, please refer to
the Company's Form 10-K, filed with the Securities and Exchange
Commission, and other subsequent filings. Forward-looking
statements contained herein speak only as of the date of this
release. The Company does not undertake any obligation to update or
revise publicly any forward-looking statements, whether to reflect
new information, future events or otherwise.
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