Cumulus Media on Wednesday quietly initiated trading on the OTC exchange under the ticker symbol “CMIA,” and saw volume of 50,000 shares traded.
The value of Cumulus’ new shares is significantly higher than as “CMLSQ,” which was a penny stock now written off to the history books.
With no active trading on Thursday following its June 13 debut, CMIA shares are valued at $14.50.
That’s significantly higher than the activity seen for “CMLSQ” on June 4, its final day of trading. At the Closing Bell, those shares ended their trading life at $0.0311 as the company announced that it had successfully completed its financial restructuring and emerged from Chapter 11 having reduced its debt by more than $1 billion.
Meanwhile, historical data for “CMLS” cannot be publicly seen on market trading platforms such as Yahoo! Business; this ticker symbol will likely replace “CMIA” in the coming weeks.
ACROSS WALL STREET
- Comcast shares increased 4.6%, to $33.82, following the company’s bid for the FOX assets following the spinoff of certain company properties into a “New Fox.”
- Discovery Communications shares soared 4.5%, to $25.50, on word the company has selected a building in New York’s Flatiron District to serve as its new headquarters.
- Entercom‘s rebound continued Thursday with a 1.4% improvement, to $7.45.
- Entravision was off 4.4%, to $4.35, as investors did not react positively to the acquisition of a Spanish programmatic platform to merge into its Headway operation — its most profitable segment.
- Netflix shares catapulted ahead by 3.4%, adding to its newest growth streak. At the Closing Bell, NFLX was up $12.94 to $392.87.
For a full look at today’s closing prices, please visit the Wall Street Report on the homepage of RBR.com.