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Cumulus Media to Be De-Listed From Nasdaq Exchange
Cumulus Media has been de-listed from the Nasdaq exchange. The radio broadcaster's stock will trade over-the-counter starting May 2.
Rather, the company wants “a seamless transition” to OTC trading and seeks to avoid “the requisite expenditure of resources, including time and expense, of addressing the Nasdaq compliance issues,” according to the filing. In March, the Nasdaq issued another de-listing warning for failure to meet the exchange’s minimum stockholder’s equity requirement of $10 million. Cumulus Media shares have closed under $1.00 every trading day since Nov. 1, 2024 — the day the company reported a 1.8% year-over-year decline in third-quarter revenue and CEO Mary Berner warned “the advertising environment remains uncertain.” A slowdown in local radio advertising contributed to a 2.1% decline in full-year 2024 revenue and a $283 million net loss despite achieving $43 million in annualized cost reductions.
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