The New York Stock Exchange will proceed with its plan to delist Audacy Inc.
The media company had appealed the exchange’s intention to delist its Class A common stock, but now the company has announced that the delisting will become effective on or about Nov. 10, 2023.
“Audacy stock has not been traded on the NYSE since May, when the NYSE notified Audacy that it had elected to commence proceedings to delist the common stock from the NYSE based on Audacy’s ‘abnormally low’ price levels,” Audacy said in a brief announcement.
“The common stock will continue to trade over the counter under the symbol AUDA. The NYSE’s determination has no impact on Audacy’s business strategy or operations.”
The company said it “continues to focus on growing and enhancing its capabilities as a leading, multi-platform audio content and entertainment company” and that discussions with lenders to improve its debt situation were continuing.
in June Audacy implemented a 1-for-30 reverse stock split hoping to boost its share price and its standing with the investment community.
[Related: “Audacy Posts Loss of $135.3 Million in Q2” (Aug. 2023)]
