Cumulus Media is the most recent broadcast operator to receive a delisting warning from the NASDAQ stock market.
Like others before it who would eventually do a reverse stock split to regain compliance, Cumulus’s Class A common stock has closed below $1.00 per share for 30 consecutive business days. If Cumulus can not get its share price back over $1.00 per share for ten business days by June 16, 2025, it may be removed from the market.
Cumulus says that it intends to actively monitor the closing bid price for its Class A common stock and will evaluate potential options to resolve the deficiency and regain compliance with the Rule. There can be no assurance that the Company will be able to regain compliance with the Rule or will otherwise be in compliance with other applicable NASDAQ listing rules or that any appeal of a delisting determination will be successful.
Cumulus stock closed today at 75 cents per share.
This story first appeared on radioinsight.com