NYSE INITIATES DELISTING OF AUDACY

The NYSE has notified Audacy that it's beginning proceedings to delist its Class A common stock due to an "abnormally low selling price."

The exchange will apply to the SEC to delist Audacy's common stock pending completion of applicable procedures. While it starts the delisting process, trading in the company’s common stock on the NYSE is suspended, but it can still be traded over the counter.

Audacy has announced that it intends to appeal the determination. If it's successful, the common stock may resume trading on the NYSE.

Said Audacy Chairman, President and CEO David J. Field, “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 investments in strategic transformation that position Audacy well for the future.”