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An announcement from the New York Stock Exchange (NYSE) has declared that the staff of NYSE Regulation is commencing proceedings to delist Class A common stock of Audacy from the NYSE and has halted the trading of stock.
NYSE Regulation has determined that the company’s Class A common stock is no longer suitable for listing based on “abnormally low” price levels, pursuant to Section 802.01D of the Listed Company Manual.
Under Section 802.01D, the NYSE will consider commencing delisting procedures when a company’s listed securities experience an abnormally low selling price. The NYSE will apply to the SEC to delist the company’s common stock pending completion of applicable procedures. While the NYSE pursues such procedures, trading in the company’s common stock on the NYSE is suspended but the common stock will continue to be able to be traded over the counter.
According to Audacy, it intends to appeal by filing a written request within 10 business days after receiving the notice.
In a statement, Audacy Chairman, President and CEO David J. Field, Chairman, said:
“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.”
If the company is successful in its appeal, the common stock may resume trading on the NYSE.