RLJ Entertainment (RLJE) Announces Compliance With NASDAQ Listing Requirements
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RLJ Entertainment (NASDAQ: RLJE) today announced receipt of a letter from The Nasdaq Stock Market, LLC ("NASDAQ") stating that the Company has regained compliance with Listing Rule 5550(b).
RLJE had previously been notified by NASDAQ on April 21, 2016 that the Company did not meet the required minimum of $2,500,000 in stockholders' equity needed for continued listing on The NASDAQ Capital Market under Listing Rule 5500(b). On October 17, 2016, the Company announced the completion of transactions which resulted in stockholders' equity in excess of the minimum requirement. The Company has been advised by NASDAQ that NASDAQ will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement and, if at the time of its next periodic report the Company does not evidence compliance, that it may be subject to delisting.
"Maintaining a listing on Nasdaq Capital Market is an instrumental part of our overall corporate strategy," commented Nazir Rostom, Chief Financial Officer of RLJ Entertainment, Inc. "The Board and Senior Management team have taken great steps to regain NASDAQ compliance and we are grateful for our investors' continued support while overcoming this obstacle."
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