Cumulus Faces NASDAQ Delisting for Common Stock
| RADIO ONLINE | Friday, September 8, 2017 |
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In a filing with the SEC, Cumulus Media said it filed an appeal of the September 1, 2017 notification from the Listing Qualifications Department of NASDAQ relating to the company's previously disclosed failure to comply with the minimum stockholders' equity requirement of $1.00 per share under the NASDAQ Listing Rule. Had Cumulus not filed the appeal, the company's Class A common stock on NASDAQ, which closed at $.39 on Friday, would have been suspended on September 11 and the Class A common stock would have been removed from listing on NASDAQ.
In accordance with the NASDAQ Listing Rules, Cumulus Media's Class A common stock will continue to trade on the Nasdaq Capital Market while the appeal is pending. If unsuccessful in its appeal, or it is not able to regain compliance with the Rule within any extension of time granted by the NASDAQ hearing panel, the company expects that trading in its Class A common stock on the NASDAQ Capital Market would be suspended and the stock removed from listing on NASDAQ.
