Audacy shareholders have approved the company’s plan to conduct a reverse stock split in order to attempt to regain compliance with the New York Stock Exchange.
Audacy announced its plans in March to vote on a split in the range between one-for-two and one-for-30 determined by a committee appointed by the Board of Directors in order for the company to regain compliance with the New York Stock Exchange as Audacy shares have been trading under the $1 per share range since last July. That took on greater urgency as the NYSE moved to delist Audacy on May 16. The company’s stock is currently trading over-the-counter closing today at 5.7 cents per share.
The company will announce its full plans for the stock split next week as it works to finalize the range of the split. It will then begin the appeal process to return its stock’s listing to the NYSE.