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HomeFinanceNYSE suspends shares of radio-station owner Audacy due to low price

NYSE suspends shares of radio-station owner Audacy due to low price

The New York Stock Exchange suspended Audacy shares Tuesday and will seek delisting proceedings, citing the stock’s low price levels.

Audacy shares

were down 13% to 9 cents before a mid-afternoon trading halt for pending news.

Audacy said in April that it would seek stockholder approval for a reverse split as it sought to regain compliance with NYSE’s $1 average closing price requirement.

The NYSE said the company has a right to appeal the delisting determination.

Like other companies owning traditional radio stations, Audacy has expanded in newer categories. In 2021, Entercom Communications rebranded as Audacy, citing a transformation that included moves like buying podcasting companies Cadence13 and Pineapple Street Media.

Audacy’s prominent stations include southern California alternative rock outlet KROQ-FM and New York’s WFAN, 1010 WINS and WCBS NewsRadio 880.

The company said in May that first-quarter revenue fell 5.7% to $259.6 million, with “local sales significantly outperforming national as challenging ad market conditions persisted.” Digital revenue was $56.9 million, down 2%.

This story originally appeared on Marketwatch

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