It wasn’t much of a block, only 200 shares, but there has finally been a trade of the new Class A common stock of Citadel Broadcasting following its emergence from Chapter 11 reorganization.
That 200-share trade took place Friday (9/17). The price was $22.50 per share.
Since Citadel’s Class A stock, Class B stock and warrants to buy the Class A stock (at a conversion price of zero), all three issues now trading publicly have the same theoretical value. So, the trade at $22.50 was down from the previous trade four days earlier (9/13) of 100 warrants at $27.00.
UPDATE: More Class A shares traded Monday (9/20) afternoon – 2,565 in all – at prices ranging from $21.00-22.45.
RBR-TVBR observation: As noted before, trading in Citadel’s securities is much too thin to warrant inclusion in the RBR-TVBR daily stock report. But we’ll keep watching for it to pick up.