Westwood One Delisted By NYSE
November 18, 2008 at 1:23 PM (PT)
WESTWOOD ONE has been delisted by the NEW YORK STOCK EXCHANGE, the company disclosed TUESDAY afternoon. The NYSE notified WESTWOOD ONE that its stock will be suspended from trading on the exchange prior to the market open on MONDAY (11/24). The company's stock has failed to maintain a minimum $25 million market capitalization level required for continuing with the NYSE.
WESTWOOD ONE intends to trade on the OTC (over the counter) Bulletin Board beginning MONDAY. It is also considering an appeal the delisting as well as the possibility of trading on the AMEX or NASDAQ exchange after a reverse stock split and shareholder approval.
The company continues to discuss restructuring of debt with its lenders and bondholders and says that it believes it will likely be successful in these negotiations.