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Nasdaq sends noncompliance letter to Cumulus

Cumulus Media Inc. on April 5 received a noncompliance notice from The Nasdaq Stock Market LLC stating that the company is not in compliance with a Nasdaq listing rule as the company's class A common stock on the Nasdaq Capital Market has closed below $1.00 per share for 30 consecutive business days.

The letter has no immediate effect on the Nasdaq Stock Market listing or trading of Cumulus' class A common stock. The company has until Oct. 2 to regain compliance with the bid price rule requirements. If Cumulus fails to comply by Oct. 2, it will still be eligible for additional time of 180 days to regain compliance, but for that, it will need to meet the continued listing requirement for market value of publicly held shares and all other initial standards for the Nasdaq Capital Market, except the bid price requirement.

The company will also need to provide Nasdaq Stock Market written notice of its intention to cure the deficiency during the second compliance period. If the company's class A common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq Stock Market will notify the company that it has achieved compliance with the rule.

Cumulus in March received a noncompliance notification from Nasdaq about its noncompliance with a listing rule regarding the stockholders' equity continued listing standard.