BARCELONA, Spain — Private Media Group, Inc. a worldwide leader in premium-quality adult entertainment products, has announced that the Company was notified by the Staff of The NASDAQ Stock Market that the Company has regained compliance with the NASDAQ rule requiring that the Company maintain a minimum bid price of $1.00 per share for continued inclusion on The NASDAQ Global Market (the “Minimum Bid Price Rule”). Therefore, our common stock is no longer subject to NASDAQ delisting proceedings.
The common stock will continue to trade under the symbol “PRVTD” through April 8, 2010, in accordance with NASDAQ rules, to reflect the implementation of the one-for-three reverse stock split effective March 12, 2010. On April 9, 2010, the common stock will resume trading under the symbol “PRVT”.
Berth Milton [pictured], Chairman and President of Private stated: “We believe that implementing the reverse stock split and regaining compliance with NASDAQ rules for continued inclusion on the Global Market will reinforce investor confidence in our common stock.”
As previously announced, on September 15, 2009, the Company was notified by The NASDAQ Stock Market that it was not in compliance with the Minimum Bid Price Rule, and was provided a grace period of 180 days, until March 15, 2010, to regain compliance with the Minimum Bid Price Rule for at least 10 consecutive trading days before the common stock would be subject to delisting procedures.
As of March 11, 2010, the Company had not regained compliance with the Minimum Bid Price Rule, and accordingly it effected a one-for-three reverse split of its common stock effective March 12, 2010, which was intended to increase the per share trading price to satisfy the Minimum Bid Price Rule. Since March 12, 2010, when the reverse stock split was effected, the closing bid price of the common stock exceeded $1.00 every trading day.
As of March 25, 2010, the common stock had achieved a closing bid price of $1.00 for 10 consecutive days, thereby achieving compliance with the Minimum Bid Price Rule.