NASDAQ Warns Cumulus Of Possible Delisting From Global Select Market If Stock Price Doesn't Recover
November 5, 2015 at 12:18 PM (PT)
CUMULUS MEDIA INC. has been warned in a notification by NASDAQ's Listing Qualifications Department of possible delisting from its Global Select Market for having a closing price below $1 per share for 30 consecutive business days.
The company has 180 calendar days (until MAY 2, 2016) to regain compliance by closing at $1 or more per share for at least 10 consecutive business days. If CUMULUS stock fails to do that, the stock will be delisted unless the company requests a hearing before a NASDAQ Hearings Panel, or CUMULUS can ask for a transfer to the NASDAQ Capital Market if it qualifies, which would also give it another 180 calendar days to come into compliance with minimum bid price rules to remain on the Capital Market.
The company informed the SEC of the warning letter in a Form 8-K filing TODAY (11/5).