Blockbuster Inc. ( BBI, BBI.B), a leading global provider of media entertainment, today announced its Board of Directors has authorized a combination of its shares of Class A Common Stock and Class B Common Stock into a single class of shares of common stock. Blockbuster's dual class capital structure was originally established in connection with Blockbuster's prior ownership by Viacom. Blockbuster believes that elimination of the dual class capital structure will improve the liquidity of its common stock and end confusion regarding the differences between the two classes of common stock. Blockbuster's Board of Directors may explore additional alternatives with respect to its capital structure if necessary to cure the price condition deficiency.
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Blockbuster Inc. (NYSE: BBI, BBI.B), Nov. 17, 2009 was notified by the New York Stock Exchange ("NYSE") that it is not currently in compliance with the NYSE's continued listing standard that requires the average closing price of the Blockbuster's common stock be no less than $1.00 per share over a consecutive 30 trading-day period. Under NYSE rules, the Company has six months from the date of the notice to bring its share price and average price back to or above $1.00. During this time the Company's common stock will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing requirements. If the Company has not cured the price condition deficiency by the end of the cure period, its common stock would be subject to delisting by the NYSE. In accordance with NYSE rules, Blockbuster will notify the NYSE within 10 business days from the receipt of the notice of its intent to cure the price condition deficiency.
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