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November 21, 2017 at 3:26 PM (PT)
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courtesy AllAccess.com
.CUMULUS MEDIA INC. stock has been delisted by NASDAQ.
The company notified the SEC in a filing TODAY (11/21) that because the stock traded below the required $1 per share mark for 30 consecutive business days and failed to regain compliance, it has been told that NASDAQ will take CUMULUS Class A common stock off the NASDAQ Capital Market as of the open of business on WEDNESDAY (11/22).
CUMULUS Class A common stock will trade on the OTC market ion 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.”
No big surprise. The so-called Over-the-Counter Exchange along with the similar Pink Sheets Exchange is penny stock central. Most of the listings are really worth nothing but trade in hopes that reorganization may cut existing shareholders into a smidgen of whatever new stock gets floated when a distressed company emerges from creditor protection. I fully expect PostMedia stock (which currently trades only in Canada) to wind up on one of those exchanges when that debt-laden monstrosity finally seeks protection. I notice Postmedia’s operating officer just quit in hopes of running as a Progressive Conservative in the next Ontario election. A rodent leaving the ship???