Audacy, Inc. (NYSE: AUD) (the “Company” or “Audacy”) announced today that the New York Stock Exchange (the “NYSE”) publicly announced and notified the Company that the NYSE elected to commence proceedings to delist the Company’s Class A Common Stock (the “common stock”) from the NYSE pursuant to Section 802.01D of the NYSE Listed Company Manual (“Section 802.01D”).
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 Securities and Exchange Commission (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.
The Company 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.
“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,” said David J. Field, Chairman, President and CEO of Audacy.
“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.”