Salon Gets Extension From Nasdaq:

Salon Gets Extension From Nasdaq: Salon Media Group has received an extension from Nasdaq and will continue to be listed on the SmallCap market. This despite the fact that Salon did not satisfy the bid price requirement on August 13, 2002 and failed to satisfy the $1,000,000 of publicly held shares requirement for the 30 consecutive trading days ended August 9, 2002.

The continued listing is based on certain conditions: Before November 11, 2002, the company must satisfy the market value of publicly held shares requirement and immediately thereafter evidence compliance for a minimum of ten consecutive trading days. In addition, on or before February 10, 2003, the company must demonstrate a closing bid price of $1.00 per share and immediately thereafter evidence compliance for a minimum of ten consecutive trading days.

Salon intends to seek shareholder approval of a range of possible reverse stock splits. If at some future date the Company’s securities should cease to be listed on SmallCap market, they may continue to trade on the OTC-Bulletin Board.

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