CMLS Enters Nasdaq Appeal Hearing Over Stock Price
| RADIO ONLINE | Friday, October 6, 2017 | 6:58pm CT |
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Cumulus Media has received notice from Nasdaq that the bid price of the company's Class A common stock has closed below $1.00 per share for the last 180 business days, and has not regainnd compliance to remain listed. Now the only thing standing betweeen the company and a Nasdaq deslisting is a successful appeal. Cumulus has scheduled an appeal hearing where a Nasdaq panel will consider an additional matter relating to the minimum bid price requirement.
The company's Class A common stock will continue to trade on the Nasdaq Capital Market while the appeal hearing is pending. If the appeal is unsuccessful, or it is not able to regain compliance with the minimum rule within any extension of time granted by the Nasdaq hearings panel, then Cumulus expects that trading in its Class A common stock would be suspended from Nasdaq. If the stock is removed from Nasdaq, the company expects that its stock would be eligible to be traded on the OTC Markets.
Shares of Cumulus' stock closed at $0.33 on Friday.
