Towerstream could be delisted from Nasdaq if stock price fails to improve

TOWERSTREAM CORP, a provider of wireless communication services, received a letter earlier this week indicating that it could be delisted from the Nasdaq stock market if its stock price fails to improve.
TOWERSTREAM CORP, a provider of wireless communication services, received a letter earlier this week indicating that it could be delisted from the Nasdaq stock market if its stock price fails to improve.

MIDDLETOWN – Towerstream Corp., a provider of wireless communication services, received a letter earlier this week indicating that it could be delisted from the Nasdaq stock market if its stock price fails to improve, according to a filing with the Securities and Exchange Commission.

The Nov. 24 letter from the Nasdaq Stock Market LLC’s listing qualifications staff said that based on the closing bid price of the company’s common stock for the last 30 consecutive business days, the stock no longer meets the requirement to maintain a minimum closing bid price of $1 per share.

Towerstream (NASDAQ: TWER) closed at 46 cents on Wednesday. Over the past 52 weeks, the stock price has ranged from a low of 41 cents to a high of $2.55.

Though the filing said the notice “has no immediate effect on the listing of the common stock on the Nasdaq Capital Market,” it did say the company has a grace period of 180 days, or until May 23, to regain compliance with the minimum closing bid price requirement to continue to be listed.

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To regain compliance, the minimum closing bid price per share of the common stock must be at least $1 for at least 10 consecutive business days, the filing said.

The filing said that if the company does not regain compliance with the bid price requirement by May 23, it may be eligible for an additional 180-day grace period.

Towerstream recently reported third-quarter results, showing a decline in revenue and loss.

Revenue declined 6 percent to $7.8 million from $8.3 million. The loss widened to $8.5 million in the third quarter, or 13 cents per diluted share, from a loss of $6.3 million, or 9 cents per share, a year ago.

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