Philadelphia-headquartered Audacy is being delisted from the New York Stock Exchange (NYSE) for “an unusually low selling price” — although the digital radio and podcasting company intends to appeal the decision.
Audacy confirmed its exit from the NYSE, following multiple disappointing earnings reports and a round of layoffs in the third quarter of 2022, in a general press release. According to the company’s performance breakdown for the first quarter of 2023, revenue for the three-month period totaled $259.64 million — approximately 24 percent lower than the previous quarter and approximately 5.7 percent lower than the opening quarter of 2022.
Behind the overall earnings and a broader drop in ad space, Audacy said its music earnings fell to $128.12 million (which is lower than the total attributed to the category in each quarter of 2022 and 2021) — a quarterly decline of almost 25 percent.
Additionally, the owner of Pineapple Street Studios reported a net loss of $35.90 million for the first quarter. In the appropriate result callExecutives announced that their company’s podcast divisions have “44 million listeners,” highlighted perceived “significant opportunity for cost reductions over time,” and answered questions and comments about the company’s longevity — a development that helped the company’s stock price Audacy certainly didn’t benefit -long-term profitability.
As mentioned at the beginning, Audacy has now been suspended from the NYSE as an exchange to seek a full delisting.
According to the company, shares can still be bought and sold over the counter and, as originally mentioned, the company intends to “appeal this decision.” If the appeal is successful, Audacy may “resume trading on the NYSE,” the AmperWave operator said.
Audacy President and CEO David Field issued a roughly 400-word statement on the news and outlined his plans related to the listing.
“While we are disappointed with the NYSE’s decision,” Field said in part, “we are confident that we can find our way back to the stock market later this year if we implement our action plans, which include a reverse stock split, to comply with NYSE rules.” Continued to implement our liability management plans and work with our financial advisors to refinance our debt.
“Furthermore, as macroeconomic conditions stabilise, we believe that we will benefit from a general market recovery and will be able to benefit from our investments in strategic transformation, which positions Audacy well for the future,” he concluded.
In other news on the stock price, the price per share of Middle Eastern streaming service Anghami (NASDAQ:ANGH) fell to a record low of 72 cents in early May. On the other hand, Spotify (NYSE:SPOT) stock hit a 52-week high of $150.28 per share today — up over 83 percent since the start of 2023. At the time of writing, ANGH is hovering at around $1.20 while SPOT was around $150.