On Tuesday (1/29), Townsquare Media will present at another important investor conference in warm South Florida.
But, there’s something a bit different about this jaunt to the land of palm trees and reggaetón beats: Townsquare will be showing off its merits to money men and women without Dhruv Prasad.
Prasad co-founded Townsquare in 2010 and became its co-CEO on October 2017, when Executive Chairman Steven Price relinquished his chief executive role.
On Jan. 2, the company revealed that he has resigned from his dual roles as co-CEO and Director of Townsquare Media, effective Jan. 31.
As such, there’s no need for Prasad to attend NobleConXV – Noble Capital Markets’ Fifteenth Annual Investor Conference at the W Hotel in Fort Lauderdale.
Tuesday’s event will see Townsquare’s now-lone CEO, Bill Wilson, present to attendees at 11am. A high-definition, video webcast of the presentation will be available from Wednesday at https://www.townsquaremedia.com/equity-investors.
With a 1-year target price of $9.17, Townsquare has a long way to go to recover from a severe stock slide seen during the last three months of Prasad’s co-CEO tenure.
On Sept. 3, 2018, a $9.27 closing price was seen for TSQ, which trades on the NYSE. By November 26, shares slumped to $6.20.
Then came a disastrous December on Wall Street for Townsquare, with shares sliding as far as $4.04 by Dec. 24 before a small recovery effort began.
On Jan. 7, TSQ was back over $6. With Wednesday’s Opening Bell on Wall Street, Townsquare was priced at $5.79.