Towerstream (TWER) Stock Surging on Nasdaq Listing Extension

Towerstream (TWER) was granted an extension of its listing on the Nasdaq through November 2016.
By Rachel Aldrich ,

NEW YORK (TheStreet) -- Shares of Towerstream (TWER) are up 6.54% to $3.42 this morning on high trading volume after the company received an extension for its listing on the NASDAQ effective through November 22, according to a company statement.

Over 2.12 million shares of the stock have been traded so far today vs. the average of 642,000 per day.

"We have already effected a reverse stock split to meet the minimum stock price required by Nasdaq rules and are making progress toward meeting the $2.5 million stockholder's equity requirement by the November date," CEO Philip Urso said in a statement.

The company's reverse split to reach the Nasdaq $1 trading minimum took place on July 7 at a ratio of one-for-20, cutting its common stock to approximately 4.5 million post-split shares.

Towerstream is a Middletown, RI-based fixed wireless services provider.

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