The New York Stock Exchange suspended Audacy shares Tuesday and will seek delisting proceedings, citing the stock’s low price levels.
Audacy shares AUD, -12.52% were down 13% to 9 cents before a mid-afternoon trading halt for pending news.
Audacy said in April that it would seek stockholder approval for a reverse split as it sought to regain compliance with NYSE’s $ 1 average closing price requirement.
The NYSE said the company has a right to appeal the delisting determination.
Like other companies owning traditional radio stations, Audacy has expanded in newer categories. In 2021, Entercom Communications rebranded as Audacy, citing a transformation that included moves like buying podcasting companies Cadence13 and Pineapple Street Media.
Audacy’s prominent stations include southern California alternative rock outlet KROQ-FM and New York’s WFAN, 1010 WINS and WCBS NewsRadio 880.
The company said in May that first-quarter revenue fell 5.7% to $ 259.6 million, with “local sales significantly outperforming national as challenging ad market conditions persisted.” Digital revenue was $ 56.9 million, down 2%.