Cumulus, SBS Get Delisting Notices
April 10, 2017 at 1:51 PM (PT)
CUMULUS MEDIA and SPANISH BROADCASTING SYSTEM both notified the SEC on FRIDAY (4/7) that they have been warned once again that their stocks may be delisted if they fail to bring the prices up to standards.
CUMULUS, which avoided delisting with a 1-for-8 reverse stock split last OCTOBER and had previously been warned by NASDAQ that it could be delisted due to stockholders' equity that has dropped below minimum levels due to one-time non-cash impairment charges, said that it was notified on APRIL 5th by NASDAQ that it has 180 days (until OCTOBER 2nd) to raise its Class A common stock above $1 per share after it closed below that level for 30 consecutive business days. The stock closed at a bit under 28 cents per share, down 13.3% on MONDAY.
Meanwhile, SBS, which is on the OTC MARKETS, was notified that its market capitalization stayed below $5 million for more than 30 consecutive days and therefore faces delisting from the OTCQX Best Market (U.S. Tier) unless it complies by getting its market cap over the minimum for 10 consecutive trading days by SEPTEMBER 30th. SBS ended the day at 60 cents a share with a market cap of $3.9 million.