MediaBay is on the verge of being kicked off the Nasdaq National Market for failing to maintain a stock price of at least $1 by October 13. MediaBay's stock closed October 21 at 87 cents. The spoken-word audio company, which received notice on October 14 that it was not in compliance with Nasdaq requirements, has requested a hearing before a Nasdaq panel in an effort to stave off the de-listing. The company said that if it is unsuccessful, it will apply to begin trading on the Nasdaq SmallCap Market.
To help bolster MediaBay's finances, earlier this month the company got $1,065,000 in new financing from MediaBay chairman Carl Wolf and a wholly owned subsidiary of board member Norton Herrick.