Worldspace Satellite Radio will sell additional shares of the company to its largest stockholder, Yenura Pte. Ltd., allowing Worldspace to retain its listing on the Nasdaq market, Worldspace announced Aug. 30.

Nasdaq notified Worldspace Aug. 24 that it did not meet the $50 million minimum market value needed to retain its listing. As of Aug. 23, Worldspace’s market value was $47.8 million based on 21.3 million outstanding shares priced at $2.24. Worldspace’s stock has not climbed above the $2.27 mark since the company announced disappointing 2006 second quarter results in early August.

To raise Worldspace’s market value, Yenura will exchange its Class B equity holdings in Worldspace for Class A common stock. The transaction will result in the issuance of an additional 17.4 million Class A shares of Worldspace, increasing the total number of shares used to calculate the company’s market value to 38.8 million. Worldspace “believes that the issuance and listing of these additional Class A Shares will resolve the aggregate trading value deficiency and bring the company back into compliance with the Nasdaq listing requirements,” the company stated.

Noah Samara, chairman and CEO of Worldspace, controls all of the voting shares of Singapore-based Yenura as well as a minority of the economic interests.