Shareholders in Audacy have voted to approve a reverse stock in an effort to prevent the radio conglomerate from being delisted on the New York Stock Exchange.
The approval came last week at the company’s annual shareholders meeting.
Shares in Audacy have plummeted to near zero over the last year, closing at just $0.06 ahead of the Memorial Day weekend. The NYSE requires companies listed to have a minimum average closing price of $1.00 per share over 30 trading days. Audacy hasn’t traded for over a dollar per share since July of last year.
The company received an extension back in February after it was unsuccessful in trying to get back over the dollar per share threshold. Audacy needed shareholder approval to meet NYSE compliance requirements.
A reverse stock split is where an individual outstanding share of a company is converted into a fraction of a share.
Full details on Audacy’s reverse split are expected to be announced sometime this week.
