Cumulus Media Moving Stock from NASDAQ to OTC
A statement from Cumulus Media indicates that the company is moving its stock from trading on the NASDAQ to trading on the OTC (over-the-counter) market. Cumulus was set to be delisted from
NASDAQ after failing to bring its stock price above $1 for the required period of time. The statement says the company will do this “rather than investing time, effort, and cost into developing a plan to remain on NASDAQ.” The change takes effect on May 2 and solely impacts the trading venue. “The CMLS ticker remains the same and it does not affect the company’s operations. Cumulus remains focused on executing its strategy and driving long-term growth.”
“AUDA.” Audacy says, “The NYSE’s determination has no impact on Audacy’s business strategy or operations. Audacy continues to focus on growing and enhancing its capabilities as a leading, multi-platform audio content and entertainment company, and continues to engage in discussions with its lenders to deleverage its balance sheet and improve its capital structure to position Audacy for long-term growth.”