Post-Stock Split, Cumulus Closes Down 16.25% To $2.01
October 14, 2016 at 3:38 AM (PT)
It was not the day CUMULUS was hoping for on its first day trading on NASDAQ after the announced stock split on TUESDAY (NET NEWS 10/12). CUMULUS MEDIA, INC.'s stockholders approved the company's 1-for-8 reverse stock split, designed to help the company regain compliance with NASDAQ listing requirements just two days ago. The company's stock symbol remains CMLS and the new CUSIP number will be 231082603.
WALL STREET insiders expected the stock to land at $2.40, and while it rose as high as $2.39, CUMULUS closed down $0.39 (-16.25%) at $2.01 at the end of trading. That was actually up from a low of $1.92 at around 3p.