Music and media company Artistdirect says it has received a notification that its common stock is subject to delisting from the Nasdaq Stock Market. The notice, which Artistdirect received March 1, said that the company is subject to delisting for failure to comply with a requirement of a minimum bid price of $1 per share. The Los Angeles-based company has appealed and requested a hearing before the Nasdaq Listings Qualification Panel to review the decision.
"We believe we are on a path to achieve profitability with the financial resources to get there," Artistdirect Chief Executive Marc Geiger said in a statement. "We hope to maintain our listing and look forward to presenting our case to the Panel."