After implementing a 1-for-30 reverse stock split, Audacy has made a shift in its ticker symbol for the third time since its rebranding from Entercom. The new symbol for the Over-The-Counter offering is “AUDAD“, which succeeds the previous “AUDA”.
The new ticker symbol, which took effect on July 3, became necessary following the issuance of a new Committee on Uniform Securities Identification Procedures number subsequent to the reverse split.
As of the change to “AUDAD”, the share value is standing at around $2. The last time Audacy shares were valued at more than $2 was during the week of May 2, 2022. However, due to the stock’s value previously falling below $0.10, the NYSE decided to delist the company before a shareholder vote could take place on the reverse split – a measure meant to keep Audacy listed on the NYSE.
The company would ideally only have to keep its stock price above the NYSE minimum of $1 for an extended period to once again be considered for trading on the market again.
And right on cue the stock is down 10% and headed back to under a buck and another delisting notice. When will people learn?
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