Worldspace (MM) (NASDAQ:WRSP)
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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.