Mike Snider, USA TODAY
(USA Today)—Just two days after shares in Aspiro skyrocketed more than 1,000%, the company will be delisted after trading ends today.
Earlier this year, hip-hop mogul Jay Z bought more than 90% of the Scandinavian company, which operates the Tidal and WiMP streaming music services in the U.S., U.K. and Europe. The takeover rules require any other stockholders to sell their shares for 1.05 crowns each — the bid price — once the company is delisted from Nasdaq Stockholm.
On Monday, Jay Z held a press event announcing the relaunch of Tidal with a $9.99 monthly subscription in addition to its $19.99 monthly high-definition subscription. The higher resolution music quality is equal to that of compact disc bit rates and sampling rates; the $9.99 normal quality is comparable to competitors Spotify and Pandora.