TerreStar Corporation Receives NASDAQ Notification Related to Minimum Bid Price
12 Mars 2010 - 11:39PM
PR Newswire (US)
RESTON, Va., March 12 /PRNewswire-FirstCall/ -- TerreStar
Corporation (TerreStar) announced today that it has received
notification from NASDAQ that for the last thirty consecutive
business days the bid price of TerreStar's common stock on The
NASDAQ Global Market has closed below the minimum $1.00 per share
required for continued inclusion under NASDAQ Marketplace Rule
5450(a)(1). In accordance with this rule, TerreStar has 180
calendar days, or until September 7, 2010, to regain compliance
with the rule. This notification has no effect on the listing of
TerreStar's common stock at this time, and the common stock will
continue to trade on The NASDAQ Global Market. The NASDAQ Listing
Qualifications Department informed TerreStar that if the bid price
of TerreStar's common stock closes at $1.00 per share or more for a
minimum of 10 consecutive business days within the 180 day period,
NASDAQ will provide written notification that TerreStar has
achieved compliance with the rule. TerreStar will monitor the
closing bid price of its common stock between now and September 7,
2010. TerreStar intends to maintain the listing of its common stock
on The NASDAQ Global Market, and will consider available options if
its common stock does not trade at a level likely to result in
compliance with the Minimum Share Price Rule by September 7, 2010.
About TerreStar TerreStar Corporation , through TerreStar Networks
(http://www.terrestar.com/), a majority owned subsidiary of
TerreStar, plans to offer a reliable and secure satellite
terrestrial mobile broadband network that will provide voice, data
and video services dedicated to helping solve the critical
communication and business continuity challenges faced by
government, emergency responders, enterprise businesses and rural
communities. TerreStar expects to offer next generation mobile
communications through a network of partners and service providers
to users who need "anywhere" coverage throughout the United States
and Canada. Statement under the Private Securities Litigation
Reform Act: This press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act, with respect to the strategy of TerreStar Corporation,
its plans, and the transactions described in this press release.
Such statements generally include words such as could, can,
anticipate, believe, expect, seek, pursue, proposed, potential and
similar words and terms in connection with future results. We
assume no obligation to update or supplement such forward-looking
statements. For more information, please contact: Kelly Adams,
Director Marketing and Communications TerreStar Networks Phone: +1
703-483-7966 Email: kelly.adams@terrestar.com DATASOURCE: TerreStar
Corporation CONTACT: Kelly Adams, Director Marketing and
Communications, TerreStarNetworks, +1-703-483-7966,
kelly.adams@terrestar.com Web Site: http://www.terrestar.com/
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