With the confirmation that former CEO Lew Dickey Jr. on Monday resigned as Vice Chairman of Cumulus Media‘s Board of Directors, investors continued to sell their shares of the company’s stock.
From the Opening Bell on Thursday, Cumulus took a dip. The share price continued to fall throughout the day, on heavier-than-usual volume of 367,307. Normal trading volume for the company is 157,355.
As a result, Cumulus suffered a 20% decline in share value, closing at 33 cents.
The company’s market cap now stands at $9.65 million.
Also seeing significant share erosion as of late is Spanish Broadcasting System (SBS), and the company’s “SBSAA” shares traded on an Over-the-Counter market fell 3.2%, to 90 cents, on Thursday.
On a positive note, Saga Communications climbed 2.2%, to $50.60, while Nexstar Media Group gained 1.9%, to $69.70.