Big City Radio, Inc. YFM announced that it has received a letter from the American Stock Exchange advising the Company that the Exchange plans to file an application with the Securities Exchange Commission to strike the Company's common stock from listing and registration on the Exchange. The letter cited the Company's failure to satisfy Exchange continued listing standards regarding stockholders' equity and losses from continuing operations, as well as the failure of the Company to submit a plan to the Exchange demonstrating that the Company will be able to regain compliance with such continued listing standards. The Exchange has further advised the Company that it has a limited right to appeal the determination by the Staff of the Exchange, which determination will become final on November 7, 2002 in the absence of an appeal by the Company by such date. The Company intends to appeal the Staff's determination. Any delisting of the Company's common stock from the Exchange will likely have a material adverse effect on the liquidity of the Company's common stock.
Big City Radio currently owns and operates radio stations in New York, Los Angeles and Chicago, three of the largest radio markets in the United States, and an in-house radio rep firm.