Radio broadcaster Audacy has been removed from the New York Stock Exchange (NYSE) after its valuation continued to trade far below the NYSE’s threshold for listing.
The removal from the NYSE was confirmed in a company-wide memo sent by Audacy CEO David Field on Tuesday, which said Audacy will appeal the NYSE’s decision to remove its stock from trading on the exchange.
Field said Audacy will remain listed by the NYSE while the appeal is ongoing, but shares won’t trade on the exchange. Instead, investors will be able to acquire Audacy stock over the counter. Field said the appeal could be heard as soon as this summer.
“We are hopeful we will find our way back to the exchange later this year as we execute our action plans which include the reverse stock split, the…
