LAS VEGAS -- December 2, 2008: Citadel Broadcasting Corp. has received notice from the New York Stock Exchange that it has fallen below the listing criteria related to average market capitalization and is in danger of delisting.
Citadel said that, in compliance with NYSE rules, it will submit a business plan within 45 days explaining how it will get back in compliance. Citadel said in a release, "Although the company intends to cure its deficiency and to return to compliance with the NYSE continued listing requirements, there can be no assurance that it will be able to do so. If NYSE accepts the plan, the company will be subject to quarterly monitoring for compliance with the plan. However, if NYSE does not accept the plan, then the company will be subject to suspension and delisting procedures."
Citadel's stock closed Tuesday up 2 cents, to 17 cents a share.
