NYSE Initiates Audacy Stock Delisting

In a short release, it was revealed the New York Stock Exchange has halted trading Audacy shares over continued non-compliance with the NYSE’s continued listing standards due to an “abnormally low” selling price of its common stock and has begun delisting procedure. On Tuesday, Audacy shares fell below $0.10.

Audacy says they plan on appealing the decision.

“Over the past few years, we have taken a number of transformational actions to give Audacy a leading, differentiated, and scaled position in the dynamic audio space, including podcasting, streaming audio, and our leadership presence across the country’s largest markets and our unrivaled strength in sports and news radio,” said Audacy CEO David Field. “While we are disappointed by the NYSE’s decision, we are hopeful we will find our way back to the exchange later this year as we execute our action plans which include a reverse stock split to satisfy NYSE rules, the continued execution of our liability management plans and working with our financial advisors to refinance our debt. Further, as macroeconomic conditions stabilize, we believe we will benefit from a general market recovery and will be able to capitalize on our investments in strategic transformation that position Audacy well for the future.”

In August 2022, Audacy received a warning from the NYSE that its stock was not in compliance with the exchange’s continued listing standards. The NYSE requires companies to have a minimum average closing price of $1.00 per share over 30 consecutive trading days. Audacy’s stock has not closed above $1.00 per share since July 5, 2022.

Audacy has proposed a reverse stock split as a way to boost its share price and avoid being delisted from the NYSE. A reverse stock split would reduce the number of outstanding shares of Audacy stock and increase the share price accordingly.

Audacy’s shareholders are scheduled to vote on the proposed reverse stock split at the company’s upcoming annual meeting on May 24.