Audacy Stock Suspended, Faces Delisting

• The New York Stock Exchange (NYSE) suspended trading of Audacy shares Tuesday afternoon and will apply to the SEC to delist the Company’s Class A Common Stock, citing its abnormally low selling price. Audacy shares had dropped 13% to just about 9 cents before the mid-afternoon trading halt. While the NYSE pursues such procedures, trading in Audacy’s common stock on the NYSE is suspended but the common stock will continue to be able to be traded over the counter.

In a statement, Audacy says it “intends to appeal this determination by the NYSE by filing a written request within ten business days after receiving the notice. If the Company is successful in its appeal of the NYSE’s decision to suspend trading in the common stock and initiate delisting proceedings pursuant to Section 802.01D, the common stock may resume trading on the NYSE.”

Audacy Chairman, President & CEO David Field (left) issued his own statement that reads, “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.”