Audacy has received notification from the New York Stock Exchange that the company’s Class A common stock is not in compliance with the NYSE’s continued listing standard requiring a minimum average closing price of $1.00 per share over 30 consecutive trading days.
The notice does not result in the immediate delisting of the common stock from the NYSE. Audacy plans to notify the NYSE that it intends to regain compliance, and is considering all available options that are in the best interests of the company and its shareholders. The company can regain compliance with the NYSE continued listing requirements at any time during a six-month cure period if, on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Under NYSE rules, the company’s common stock will continue to be listed on the NYSE during the cure period, subject to the company’s compliance with other NYSE continued listing requirements.