OKLAHOMA CITY, Jan. 22, 2003 (PRIMEZONE) -- Dobson Communications Corporation (OTCBB:DCEL) has been notified by the Nasdaq Listing and Hearing Review Council that the council has reversed the October 28, 2002 decision to delist Dobson from Nasdaq trading. The relisting of the Company's securities on the Nasdaq SmallCap Market will be "effective upon completion of staff's review of the Company's application" to the SmallCap Market.
After reviewing the Nasdaq hearings on Dobson's trading status and the increase in the price of Dobson's stock since November 14, 2002, the decision from the Nasdaq Listing and Hearing Review Council concluded:
"Based on the foregoing, the Listing Council reverses the... decision and remands this matter to the Panel. The Listing Council instructs the Panel to relist the Company's securities on the SmallCap Market effective upon completion of the staff's review of the Company's application. This process will require the Company to (1) file an application for new listing, (2) pay all applicable listing fees, and (3) to evidence compliance with all initial requirements for initial listing on the SmallCap Market, except that the Company must demonstrate a minimum bid price of $1 instead of $4. Furthermore, at the time of the staff's review of the application, there must be no adverse developments or public interest reasons justifying denial of listing."
Dobson's stock was delisted from Nasdaq trading prior to regular market trading on October 29, 2002, and since that time has traded on the OTC Bulletin Board. The Company is currently applying for its securities to trade on the Nasdaq SmallCap Market. This decision and the new application is subject to review by Nasdaq.
Dobson Communications is a leading provider of wireless phone services to rural markets in the United States. Headquartered in Oklahoma City, the Company owns or manages wireless operations in 17 states. For additional information on the Company and its operations, please visit its Web site at www.dobson.net.