Cumulus Media Receives Nasdaq Delisting Notice

TL;DR

Nasdaq's coming for CMLS stock, might get delisted.

AI Summary

Cumulus Media Inc. reported on December 16, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet a continued listing rule. The company is currently evaluating the notice and plans to respond to the Nasdaq staff.

Why It Matters

This notice could lead to Cumulus Media's stock being delisted from the Nasdaq, potentially impacting its liquidity and investor confidence.

Risk Assessment

Risk Level: high — A delisting notice from a major stock exchange poses a significant risk to a company's market presence and investor accessibility.

Key Players & Entities

• Cumulus Media Inc. (company) — Registrant
• Nasdaq Stock Market (company) — Exchange issuing notice
• December 16, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $1.00 — e Nasdaq Global Market has closed below $1.00 per share for 30 consecutive business d

Filing Documents

• cmls-20241216.htm (8-K) — 30KB
• 0001058623-24-000109.txt ( ) — 189KB
• cmls-20241216.xsd (EX-101.SCH) — 3KB
• cmls-20241216_def.xml (EX-101.DEF) — 7KB
• cmls-20241216_lab.xml (EX-101.LAB) — 28KB
• cmls-20241216_pre.xml (EX-101.PRE) — 18KB
• cmls-20241216_htm.xml (XML) — 4KB

01 - Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01 - Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing On December 16, 2024, Cumulus Media Inc. (the "Company") received a notification from the Listing Qualifications Department of The NASDAQ Stock Market LLC ("NASDAQ") indicating that the Company is not in compliance with NASDAQ Listing Rule 5550(a)(2) (the "Rule") because the bid price of the Company's Class A common stock on The Nasdaq Global Market has closed below $1.00 per share for 30 consecutive business days. The NASDAQ letter has no immediate effect on the NASDAQ listing or trading of the Company's Class A common stock. In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until June 16, 2025, to regain compliance with the requirements under the Rule. If, at any time before that date the bid price of the Company's Class A common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ will notify the Company that it has achieved compliance with the Rule. In the event the Company does not regain compliance with the Rule by June 16, 2025, the Company may be eligible for additional time to come into compliance with the Rule. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Global Market, with the exception of the bid price requirement, and will need to provide NASDAQ written notice of its intention to cure the deficiency during the second compliance period. If the Company meets these requirements, NASDAQ will inform the Company that it has been granted an additional 180 calendar days to cure the deficiency. If it appears to the NASDAQ staff that the Company will not be able to cure the deficiency, or if the Company does not cure the deficiency following the additional time, NASDAQ will notify the Company that its Class A common stock will be sub

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Cumulus Media Inc. By: /s/ Francisco J. Lopez-Balboa Name: Francisco J. Lopez-Balboa Title: Executive Vice President, Chief Financial Officer Date: December 20, 2024

View Full Filing

View this 8-K filing on SEC EDGAR