Cumulus Media Inc. said Nov. 20 it received a notification from the Nasdaq Stock Market LLC indicating that its class A common stock will be delisted from the Nasdaq Capital Market and suspended from trading, effective Nov. 22.
The move follows the company's disclosure of its noncompliance with Nasdaq Listing Rules. The company in April 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. Cumulus received another notice in October stating that as the company did not regain compliance within the specified period, Cumulus' securities will be delisted from Nasdaq.
The company has got approval to have its class A common stock quoted on the OTC Markets' OTCQX market tier. The company expects the trading of it class A common stock will commence on the OTCQX at the open of business on Nov. 22 under its current trading symbol, CMLS.
The transition will have no effect on the company's business or operations, Cumulus said in a Nov. 21 SEC filing.