SMG Voluntarily Delists Shares from Nasdaq Global Market

RADIO ONLINE | Friday, December 29, 2023

Salem Media Group

Salem Media Group has given formal notice to the Nasdaq Stock Market of its intention to voluntarily delist its Class A Common Stock from the Nasdaq Global Market and to deregister its Class A Common Stock. The company currently anticipates that it will file with the SEC a Form 25 on or about January 8, 2024, with the delisting of its Class A Common Stock taking effect no earlier than ten days thereafter.

As a result, the SMG expects that the last trading day of its common stock on the Nasdaq Global Market will be on or about January 18, 2024. Further, prior to March 29, 2024, the company intends to file a Form 15 with the SEC to suspend the its reporting obligations. Salem expects significant financial savings as a result of this decision.

In addition, delisting and deregistration provide several benefits to the company and its stockholders including lower operating costs and reduced management time commitment for compliance and reporting activities.

Salem anticipates that its Class A Common Stock will be quoted on the OTCQX or other market operated by OTC Markets Group and it intends to take such actions to enable its Class A Common Stock to be quoted on the OTCQX or on another OTC market so that a trading market may continue to exist for its Class A Common Stock. The company expects its Class A Common Stock to be quoted on the OTCQX Market beginning on or around January 19, 2024, pending approval by OTC Markets.