SFXE Tumbles As Low As $1.03 Tuesday AM, NY Stock Exchange Delisting Now A Possibility
SFXE stock fell another 16.5% on Tuesday morning to $1.12. At one point the stock dropped as low as $1.03 in early trading. If a stock sells for under $1 for 30 consecutive days, it's in violation of New York Stock Exchange minimum price regulations and is usually delisted.
SFXE stock began its latest dramatic decline on Friday after CEO Sillerman missed a Thursday deadline to finance a stock buyback, and continued on Monday and Tuesday.
Yesterday, Robert Sillerman, CEO and Executive Chairman of SFX Entertainment (SFXE) reaffirmed his intention to take the company private. Sillerman promised, yet again, to make a buyback offer "that reflects the reality of where the stock has traded since his original and subsequently revised offers to purchase those shares."
On Friday the SFX board agreed to keep open a bidding period for the company until October 2, a period that would include its peak festival season.
Neither statement has calmed investor fears