NEW YORK, Dec 30, 2009 (BUSINESS WIRE) -- RHI Entertainment, Inc. (NASDAQ: RHIE), a leading developer, producer,
and distributor of made-for-television (MFT) movies, miniseries, and
other television programming, announced today that on December 24, 2009
it received notice from The Nasdaq Stock Market ("Nasdaq") indicating
that, for 30 consecutive business days, the Company's common stock
failed to maintain a minimum Market Value of Publicly Held Shares
("MVPHS") of $5,000,000 as required by Listing Rule 5450 (b)(1)(C) and
did not maintain a minimum bid price of $1.00 per share as required by
Listing Rule 5450(a)(1). Neither notice results in an immediate
delisting of the Company's common stock from Nasdaq.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company is provided a
grace period of 90 calendar days, or until March 24, 2010, to regain
listing compliance with rule 5450(b)(1)(C). To regain compliance, the
Company's MVPHS needs to close at $5,000,000 or more for a minimum of 10
consecutive business days. The Company may apply for transfer of its
common stock to The Nasdaq Capital Market prior to the expiration of the
90-day grace period if it satisfies all of the requirements for initial
listing on The Nasdaq Capital Market as set forth in Listing Rule 5505.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company is
also provided a grace period of 180 calendar days, or until June 22,
2010, to comply with Listing Rule 5450 (a)(1). If at anytime during this
grace period the bid price of the Company's common stock closes at $1.00
per share or more for a minimum of 10 consecutive business days, Nasdaq
will provide the Company written confirmation of compliance. If the
Company does not regain compliance under Listing Rule 5450(b)(1)(C)
within the grace period of 180 days, Nasdaq will provide written
notification to the Company that its common stock may be delisted. At
that time, the Company may apply for the transfer of its common stock to
The Nasdaq Capital Market prior to the delisting date if it satisfies
all of the requirements, other than minimum bid price, for initial
listing on The Nasdaq Capital Market as set forth in Listing Rule 5505.
If the Company elects to apply for such transfer, and the application is
approved, the Company would be eligible for an additional 180 calendar
day grace period.
At this time, neither notification has any effect on the listing of the
Company's common stock on Nasdaq and the Company's common stock will
continue to trade on Nasdaq under the symbol RHIE. The Company is
evaluating all of its options following receipt of these notifications
and intends to work diligently to attempt to retain listing of its
common stock on Nasdaq.
About RHI Entertainment
RHI Entertainment, Inc. (NASDAQ: RHIE) develops, produces and
distributes made-for-television movies, miniseries and other television
programming worldwide, and is the leading provider of new long-form
television content in the United States. Under the leadership of Robert
Halmi, Sr. and Robert Halmi, Jr., RHI has produced and distributed
thousands of hours of quality television programming, and RHI's
productions have received more than 100 Emmy Awards. In addition to the
development, production and distribution of new content, RHI owns rights
to over 1,000 titles comprising more than 3,500 broadcast hours of
long-form television programming, which are licensed to broadcast and
cable networks and new media outlets globally.
SOURCE: RHI Entertainment, Inc.
Sloane & Company
Erica Bartsch, 212-446-1875
Ebartsch@sloanepr.com
