Tuesday’s 10% dip to 26 cents for shares of Cumulus Media stock was the company’s final move on the Nasdaq Capital Market exchange.
An appeal by the nation’s No. 2 radio broadcasting company by number of stations to stay on the exchange was denied. As a result of the Monday (11/20) notification from The NASDAQ Stock Market LLC, Cumulus’ Class A common stock has been delisted.
The decision came after Cumulus on Sept. 11 filed an 11th hour appeal that headed off having its Class A common stock on NASDAQ suspended on the date.
Cumulus had 180 days to regain compliance for failing to see its shares close no less than $1 for 30 consecutive business days. That did not happen.
There is also the failure by Cumuus to comply with the minimum stockholders’ equity requirement.
The decision by Nasdaq means that it will file a Form 25 Notification of Delisting with the Securities and Exchange Commission, and move trading of its Class A common stock quoted on the OTC Markets’ OTCQX market tier.
Trading on OTCQX will see Cumulus keep the current trading symbol “CMLS,” and a seamless transition to the new exchange is set for Wednesday morning (11/22).
In a SEC filing made Tuesday, Cumulus says the transition to the OTCQX “will have no effect on the company’s business or operations.”
Cumulus added that it will continue to file periodic and other required reports with the SEC under applicable federal securities laws.
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