Philadelphia-headquartered Audacy is being delisted from the New York Stock Exchange (NYSE) due to “an abnormally low selling price” – though the digital radio and podcasting company intends to appeal the decision.
Audacy confirmed its NYSE exit, which follows several disappointing earnings reports and a Q3 2022 layoff round, via a general release. According to the company’s Q1 2023 performance breakdown, revenue during the three-month stretch totaled $259.64 million – down about 24 percent from the prior quarter and roughly 5.7 percent from the opening quarter of 2022.
Behind the income total and a broader advert-space slip, Audacy indicated that its music revenue had declined to $128.12 million – a quarterly falloff of nearly 25 percent and a lower sum than was attributed to the category in each quarter of 2021 and 2022.
Additionally, the Pineapple Street Studios owner reported a net loss of $35.90 million for Q1. In the corresponding earnings call, execs relayed that their company’s podcast divisions boasted “44 million listeners,” highlighted perceived “significant opportunities for reduced expenses over time,” and, in a development that certainly didn’t help Audacy’s stock price, responded to questions and comments about the business’s long-term viability.
As mentioned at the outset, Audacy has now been suspended from the NYSE as the exchange pursues a full-scale delisting.
Shares can still be bought and sold over the counter, according to the company, which, as initially noted, “intends to appeal this determination.” If successful with said appeal, Audacy “may resume trading on the NYSE,” the AmperWave operator communicated.
Addressing the news in an approximately 400-word-long statement, Audacy president and CEO David Field elaborated upon his listing-related plans.
“While we are disappointed by the NYSE’s decision,” Field said in part, “we are hopeful we will find our way back to the exchange later this year as we execute our action plans which include a reverse stock split to satisfy NYSE rules, the continued execution of our liability management plans and working with our financial advisors to refinance our debt.
“Further, as macroeconomic conditions stabilize, we believe we will benefit from a general market recovery and will be able to capitalize on our investments in strategic transformation that position Audacy well for the future,” he finished.
In other stock-price news, Middle Eastern streaming service Anghami (NASDAQ: ANGH) saw its per-share price plummet to a record low of 72 cents towards May’s beginning. On the other hand, Spotify stock (NYSE: SPOT) today hit a 52-week high of $150.28 per share – up over 83 percent from when 2023 began. At the time of this writing, ANGH was hovering around $1.20, with SPOT holding at $150 or so.