Rick’s Cabaret Hangs On to Listing
Nasdaq has decided to continue listing shares of one of its more controversial stocks, Rick’s Cabaret International, which owns a group of topless bars, the Houston-based company said Monday.
Nasdaq had conducted hearings on the company’s listing status after the share price plunged from more than $6 last year to less than $1 recently.
But Rick’s has managed to recover above Nasdaq’s $1-minimum bid requirement. The stock (ticker symbol: RICK) had rallied back to $3.44 as of Monday. It got a boost when its CEO announced in April that he would take a 20% pay cut to reduce costs and that the company would boost its Internet presence.
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