WEEI Parent Co. Audacy Being Delisted on New York Stock Exchange

WEEI Parent Co. Audacy Being Delisted on New York Stock Exchange

WEEI, once the sports radio giant in New England, has taken another blow.

Audacy, the parent company of WEEI, is being delisted on the New York Stock Exchange.

This week, Audacy's stock was suspended for trading, and it has been notified that the NYSE is moving to delist the company.

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Audacy made the following announcement on Tuesday:

“Audacy, Inc. announced that the New York Stock Exchange (the “NYSE”) publicly announced and notified the Company that the NYSE elected to commence proceedings to delist the Company’s Class A Common Stock (the “common stock”) from the NYSE pursuant to Section 802.01D of the NYSE Listed Company Manual (“Section 802.01D”). 

Under Section 802.01D, the NYSE will consider commencing delisting procedures when a company’s listed securities experience an abnormally low selling price. The NYSE will apply to the Securities and Exchange Commission (the “SEC”) to delist the Company’s common stock pending completion of applicable procedures. While the NYSE pursues such procedures, trading in the Company’s common stock on the NYSE is suspended but the common stock will continue to be able to be traded over the counter.”

According to Billboard, the NYSE abruptly halted trading of Audacy’s stock at 2 p.m. ET on Tuesday, when shares were trading for $.094 — down slightly from $.10 at the start of the day. The company’s share price is down nearly 63% since the beginning of the year.

 

Tough Going for WEEI

The company said it plans to appeal the determination by the NYSE. The WEEI franchise has been hammered in the ratings in the Boston market.

In Rhode Island, WEEI recently closed its offices.

As GoLocal reported in April, WEEI shuttered its Rhode Island operations. The Boston-based sports radio station has had a presence in Rhode Island for nearly two decades — now, no more.

 

CEO Responds

“Over the past few years, we have taken a number of transformational actions to give Audacy a leading, differentiated, and scaled position in the dynamic audio space, including podcasting, streaming audio, and our leadership presence across the country's largest markets and our unrivaled strength in sports and news radio,” said David J. Field, Chairman, President and CEO of Audacy. 

“While we are disappointed by the NYSE’s decision, 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.”