After being delisted from the NYSE, Audacy has implemented a 1-for-30 reverse stock split in order to regain compliance. The move took place on Friday, June 30.
The reverse split reduced the number of outstanding shares of Audacy’s Class A common stock from around 137.5 million to about 4.6 million and the number of outstanding shares of Class B common stock from approximately 4 million to about 135,000.
The decision for the 1-for-30 split was the largest option presented to Audacy shareholders at their annual meeting, who had the right to decide whether the company should proceed with the reverse stock split. The decision to proceed with the 1-for-30 split was made on June 5 but was not widely disclosed until recently. Shareholders who would have received fractional shares will instead receive cash payments.
The split has effectively reset Audacy’s share price at $2.10, which puts the company back in compliance with NYSE rules.
Poorly run industry by mediocre people that have been a beneficiary of lack of media measurable media options. Now that digital actual measurable results are available, radio has no choice but to lower rates to compete and the industry is dead to the next generation. Like am radios audience has died off, FM is following suite. Ask any 18-35 year old their favorite radio station and they will look at you like you have 3 eyes. No new listeners and old listeners have better ways to get the content news appertaining and music they want other ways.
Terry…the industry went thru COVID and is on the mend.What more do you expect,it already bottomed out
Audacy earnings are real,and they are without question a company prime for a buyout.
I wonder what their next trick at financial engineering will be when the stock inevitably falls below one dollar again? These broadcasting companies are uninvestable (sp)!
Listeners, clients, employees, and shareholders continue to get the shaft while the C suite is nicely compensated.