An appeal by Cumulus Media, the nation's No. 2 radio broadcasting company by number of stations, to stay on the Nasdaq Capital Market has been denied.
As a result of Tuesday's notification from The NASDAQ Stock Market LLC, revealed by Cumulus in an SEC filing, Cumulus' Class A common stock has been delisted, effective with Tuesday's Closing Bell.
The company notified the SEC in a filing that because the stock traded below the required $1 per share mark for 30 consecutive business days and failed to regain compliance, resulting in NASDAQ removing Cumuus Class A common stock off the NASDAQ Capital Market.
Cumulus Class A common stock will trade on the OTCQX market tier under its current CMLS symbol. The company said in the filing that the move "will have no effect on the Company's business or operations."
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