Just eight days before its 2023 shareholder meeting at which it planned to put a reverse stock split to a vote, Audacy, Inc receives notice from the New York Stock Exchange that it is commencing proceedings to delist Audacy’s Class A Common Stock from the exchange due to Audacy’s stock reaching “an abnormally low selling price.” Trading of Audacy’s Class A Common Stock was halted on Tuesday (5/16) after the share price fell about 12% to $0.09 per share. Now, the NYSE will apply to the Securities and Exchange Commission to
delist the company’s common stock pending completion of applicable procedures. Trading of Audacy’s common stock on the NYSE is suspended but the common stock will continue to be able to be traded over the counter. Audacy says it intends to appeal this determination by the NYSE by filing a written request within 10 business days after receiving the notice. Audacy chairman, president and CEO David J. Field says, “Over the past few years, we have taken a number of transformational actions to give Audacy a leading, differentiated, and scaled position in the dynamic audio space, including podcasting, streaming audio, and our leadership presence across the country’s largest markets and our unrivaled strength in sports and news radio. While we are disappointed by the NYSE’s decision, we are hopeful we will find our way back to the exchange later this year as we execute our action plans which include a reverse stock split to satisfy NYSE rules, the continued execution of our liability management plans and working with our financial advisors to refinance our debt. Further, as macroeconomic conditions stabilize, we believe we will benefit from a general market recovery and will be able to capitalize on our investments in strategic transformation that position Audacy well for the future.”
