Shares Halted
Trading of AUDACY shares (Ticker Symbol: AUD) were halted on WALL STREET. Shares of AUDACY were down just over 12% to a fraction above $0.09 when trading was stopped.
AUDACY released an email, stating, “This afternoon, the NEW YORK STOCK EXCHANGE (NYSE) notified us that we are not in compliance with the NYSE’s continued listing standards because our common stock traded at an ‘abnormally low selling price.’ As a result, the NYSE has suspended trading in our stock and will initiate a proceeding to delist our stock from the NYSE.”
“We intend to appeal the NYSE’s decision. As most of you are aware, we are asking our shareholders to approve a reverse stock split at our annual shareholders’ meeting on May 24, 2023. The timing of today’s events is unfortunate since a reverse stock split could have avoided us tripping the NYSE’s ‘abnormally low selling price’ standard. During the appeal period, we will remain an NYSE-listed company but NYSE trading will be suspended and our common stock will be traded over the counter. We expect the appeal process to take place over the Summer. We are hopeful we will find our way back to the exchange later this year as we execute our action plans which include the reverse stock split, the continued execution of our liability management plans and working with our financial advisors to refinance our debt. If the appeal is ultimately unsuccessful, we may move our stock to another exchange or trading platform.”
“While this news is disappointing, it has zero impact on AUDACY’s ability to serve listeners and customers or run our operations effectively. To be clear, we are business as usual. Our radio stations, digital platforms, podcasts, and all other products and services will continue operating normally. We continue to execute a robust action plan to emerge healthy from current conditions. It’s important to note that our liquidity was $124 million as of MARCH 31, 2023, and that we have no debt due until JULY 2024.”
Commented AUDACY Chairman/President/CEO DAVID J. FIELD, “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.
“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.”
