Tuesday, May 21, 2024
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
AUD,
-12.52%

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

RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments