A Tough OTC Debut For Cumulus

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With the Thanksgiving Day holiday fast approaching, Cumulus Media investors are cashing out — a sign that they’re displeased with the company’s shift on Wednesday from the Nasdaq Capital Market exchange to the OTC Markets’ OTCQX market tier.


As of 1:15pm Eastern, Cumulus shares — still trading under the “CMLS” ticker symbol — were off a sharp 26.6%, to 19 cents per share.

It’s the lowest value ever for Cumulus stock; if the 1-for-8 reverse stock split in fall 2016 not occurred, CMLS shares would be valued at 2.4 cents each.

Volume of 1.49 million shares was seen for Cumulus; average trading volume is 853,843 shares.

 

 


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