Streaming media company iBeam Broadcasting says it has received a Nasdaq listing extension to regain compliance with the Nasdaq's minimum closing bid requirement. The Sunnyvale, Calif.-based company said the extension is conditioned upon the consummation of a one-for-ten reverse split of the company's stock, which is to be submitted to a vote of the company's shareholders. In May, the company announced its stock was subject to possible delisting effective Aug. 8 for failure to comply with a requirement of a minimum bid price of $1 per share.
iBeam runs a streaming media satellite network that promises more efficient audio and video feeds over the Internet. In April, the company cut its staff by 25 percent. Two months later, Williams Communications, a communications carrier, invested $30 million in iBeam.