Salem Receives Delisting Notice from Nasdaq
On Friday (6/23), Salem Media Group, Inc received notice from The Nasdaq Stock Market that Salem’s Common Stock failed to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market based upon the closing bid price of the Common Stock for the 32 consecutive business days
prior to the date of the notice. Salem now has a compliance period of 180 calendar days in which to regain compliance for the minimum bid price requirement. That expires on December 20, 2023. To regain compliance, the minimum bid price of the Common Stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days at any time prior to the compliance date. In its filing with the Securities and Exchange Commission, Salem says it intends to monitor the closing bid price of the Common Stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
chairman, president and CEO David Field; $850,000 to EVP, strategic initiatives and CFO Richard Schmaeling; $500,000 to EVP and COO Susan Larkin; $250,000 to president, podcast and streaming and chief digital officer J.D. Crowley; and $600,000 to EVP, general counsel and secretary Andrew Sutor IV. These retention awards are intended to be in lieu of an annual bonus with respect to 2023.
Resort Casino Host Community Agreement with the City of Richmond, Virginia, to be the city’s preferred casino gaming operator subject to certification by the Virginia Lottery Department and a local referendum. The planned project is a $562 million world-class entertainment and gaming venue.
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.”
compliance with the Nasdaq Listing Rule, the Company’s common stock will be subject to delisting. Under the Nasdaq rules, the company has 60 calendar days to file the 2022 Form 10-K or to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the company’s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the 2022 Form 10-K to regain compliance. If Nasdaq does not accept the company’s plan, then Urban One will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. The company says it is working diligently and expects to file its 2022 Form 10-K within the 60-day period. Previously, Urban One notified the SEC that it had identified material weaknesses in its internal control over financial reporting and as a result, expected some of its internal controls over financial reporting and disclosure controls would be ineffective as of December 31, 2022. The Annual Report on Form 10-K for 2022 will describe these material weaknesses, and the company is implementing plans to remediate them.”