Cumulus Media Inc. on Oct. 3 received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC, regarding the minimum bid price requirement as per Nasdaq Listing Rules.
The company in May received a noncompliance notice from Nasdaq stating that the company's class A common stock on the Nasdaq Capital Market had closed below $1.00 per share for 30 consecutive business days and that it had 180 days to regain compliance. The Oct. 3 notice stated that as the company did not regain compliance within the specified period, Cumulus' securities will be delisted from Nasdaq unless the company successfully appeals the delisting.
Cumulus has already scheduled an appeal hearing for the delisting notice it received regarding Nasdaq's minimum stockholders' equity requirement. At the appeal hearing, the Nasdaq hearings panel will consider the additional matter relating to the minimum bid price requirement while making a decision about the company's continued listing on Nasdaq.
Cumulus' class A common stock will continue to trade on the Nasdaq Capital Market, pending the appeal, according to an Oct. 6 Form 8-K filing.