Cumulus Media Inc announces the results of its “modified Dutch auction” – part of the company’s previously announced $50 million share repurchase program – and a total of 1,745,005 shares of the Company’s Class A common stock were validly tendered at or below a purchase price $3.25 per share and not validly withdrawn,
including 5,000 shares of the Company’s Class A common stock that were tendered through notice of guaranteed delivery. Cumulus says the aggregate cost will be approximately $5.7 million, excluding fees and expenses relating to the tender offer. These shares represent approximately 9.8% of the Company’s outstanding Class A common stock as of June 9, 2023.
