Magna Entertainment receives delisting warning from Nasdaq over falling share price

- The Nasdaq stock market says it will delist Magna Entertainment Corp. (NASDAQ:MECA; TSX:MEC.A) this summer if its shares don't starting trading again above the minimum requirement of US$1.

The struggling horsetrack owner and operator said it received a notice from the Nasdaq that it has 180 days, or until Aug. 11, to regain compliance.

The company said it received the notice because its stock has been trading below the Nasdaq's minimum requirement for 30 consecutive business days.

If the stock trades above US$1 for 10 consecutive business days, the company will have achieved compliance, Magna Entertainment said in a statement late Wednesday. Read more