Salem Media Announces Voluntary Delisting From NASDAQ

Salem Media Group, Inc. has announced it has given formal notice to the Nasdaq Stock Market of its intention to voluntarily delist its Class A Common Stock from the Nasdaq Global Market and to deregister its Class A Common Stock under Section 12(b) of the Securities Exchange Act of 1934.

The Company currently anticipates that it will file with the Securities and Exchange Commission a Form 25 (Notification of Removal of Listing) on or about January 8, 2024, with the delisting of its Class A Common Stock taking effect no earlier than ten days thereafter. As a result, the Company expects that the last trading day of its common stock on the Nasdaq Global Market will be on or about January 18, 2024. Further, prior to March 29, 2024, the Company intends to file a Form 15 with the SEC to suspend the Company's reporting obligations under Sections 12(g) and 15(d) of the Exchange Act.

As previously noted in the Company’s Current Report on Form 8-K filed with the SEC on June 23, 2023, the Company had received written notice from Nasdaq that the Company was not in compliance with the minimum bid price required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1) based upon the closing bid price of the Class A Common Stock for the 30 consecutive business days prior to the date of the notice.

On December 26, 2023, the Company submitted a hearing request to stay the suspension of the Company’s Class A Common Stock and the filing of the Form 25-NSE pending the Panel’s decision.

However, subsequent to submitting the hearing request, on December 26, 2023, after careful evaluation of the options available to the Company, the Company’s board of directors determined that the voluntary delisting of the Company’s Class A Common Stock from Nasdaq is in the best interests of the Company and its stockholders. The Company anticipates significant financial savings as a result of this decision. In addition, delisting and deregistration provide several benefits to the Company and its stockholders including lower operating costs and reduced management time commitment for compliance and reporting activities.