Audacy, beforehand traded as AUD, is being delisted from the NYSE because of “an abnormally low promoting worth.”Philadelphia-headquartered Audacy is being delisted from the New York Inventory Trade (NYSE) on account of “an abnormally low promoting worth” – although the digital radio and podcasting firm intends to enchantment the choice.
Audacy confirmed its NYSE exit, which follows a number of disappointing earnings experiences and a Q3 2022 layoff spherical, by way of a common launch. In keeping with the corporate’s Q1 2023 efficiency breakdown, income in the course of the three-month stretch totaled $259.64 million – down about 24 p.c from the prior quarter and roughly 5.7 p.c from the opening quarter of 2022.
Behind the earnings whole and a broader advert-space slip, Audacy indicated that its music income had declined to $128.12 million – a quarterly falloff of practically 25 p.c and a decrease sum than was attributed to the class in every quarter of 2021 and 2022.
Moreover, the Pineapple Avenue Studios proprietor reported a internet lack of $35.90 million for Q1. Within the corresponding earnings name, execs relayed that their firm’s podcast divisions boasted “44 million listeners,” highlighted perceived “important alternatives for lowered bills over time,” and, in a improvement that definitely didn’t assist Audacy’s inventory worth, responded to questions and feedback in regards to the enterprise’s long-term viability.
As talked about on the outset, Audacy has now been suspended from the NYSE because the change pursues a full-scale delisting.
Shares can nonetheless be purchased and bought over-the-counter, in keeping with the corporate, which, as initially famous, “intends to enchantment this willpower.” If profitable with mentioned enchantment, Audacy “might resume buying and selling on the NYSE,” the AmperWave operator communicated.
Addressing the information in an roughly 400-word-long assertion, Audacy president and CEO David Subject elaborated upon his listing-related plans.
“Whereas we’re upset by the NYSE’s determination,” Subject mentioned partially, “we’re hopeful we’ll discover our means again to the change later this yr as we execute our motion plans which embrace a reverse inventory break up to fulfill NYSE guidelines, the continued execution of our legal responsibility administration plans and dealing with our monetary advisors to refinance our debt.
“Additional, as macroeconomic circumstances stabilize, we imagine we’ll profit from a common market restoration and can be capable of capitalize on our investments in strategic transformation that place Audacy properly for the long run,” he completed.
In different stock-price information, Center Japanese streaming service Anghami (NASDAQ: ANGH) noticed its per-share worth plummet to a report low of 72 cents in direction of Might’s starting. However, Spotify inventory (NYSE: SPOT) immediately hit a 52-week excessive of $150.28 per share – up over 83 p.c from when 2023 started. On the time of this writing, ANGH was hovering round $1.20, with SPOT holding at $150 or so.