Audacy, Inc. Announces NYSE Election to Commence Delisting Proceedings
17 May 2023 - 7:43AM
Business Wire
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.”
Note Regarding Forward-Looking
Statements
This news announcement contains certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based upon
current expectations and involve certain risks and uncertainties,
including the Company’s ability to successfully appeal the
suspension and delisting of the common stock by the NYSE.
Additional information and key risks applicable to these statements
are described in the Company’s reports on Forms 8-K, 10-Q and 10-K
and other filings the Company makes with the SEC. All of the
forward-looking statements in this press release are qualified by
these cautionary statements, and actual results or developments may
differ materially from those in these forward-looking statements.
The Company assumes no obligation to publicly update or revise any
forward-looking statements.
About Audacy
Audacy, Inc. (NYSE: AUD) is a leading multi-platform audio
content and entertainment company with the country’s best
collection of local music, news and sports brands, a premium
podcast creator, major event producer, and digital innovator.
Audacy engages 200 million consumers each month, bringing people
together around content that matters to them. Learn more at
www.audacyinc.com, Facebook (Audacy Corp) and Twitter
(@AudacyCorp).
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version on businesswire.com: https://www.businesswire.com/news/home/20230516006042/en/
Investor Contacts: Joseph Jaffoni, Jennifer Neuman,
Norberto Aja JCIR (212) 835-2500
AUD@jcir.com
Audacy Contact: Ashok Sinha SVP and Head
of Communications (610) 822-0832
Ashok.Sinha@audacy.com
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