Cumulus Broadcasting Delisted From NASDAQ

Story by Tom Taylor Now

Double jeopardy for Cumulus – it’s delisted by NASDAQ for two different reasons.

The appeals went for naught, and frankly, Cumulus CEO Mary Berner and CFO John Abbot delayed the inevitable as long as humanly possible. Cumulus had fallen out of compliance of the “minimum bid price” requirement to stay above $1 a share, and also had consistently failed to meet the “shareholder equity” minimum.

So Cumulus does what Spanish Broadcasting System did earlier this year – it moves its stock to the over-the-counter OTCQX, effective today. So it can still be bought and sold, and it even keeps the familiar “CMLS” symbol it’s used since it went public in 1998 at $14 a share.

A lot of water’s gone over the dam since then, but the company still exists and hopes to re-structure – soon. There’s a December 1 event-of-default deadline with noteholders. On its last day of trading on the NASDAQ, stock in Cumulus dropped about 3 cents to 26 cents a share – a 10% loss. See the Cumulus filing, where it says the move to the OTCQX “will have no effect on the company’s business or operations,” here: https://www.sec.gov/Archives/edgar/data/1058623/000105862317000089/cmlsdelistingletter112117.htm