Cumulus - Parent Company of WPRO Delisted By NASDAQ and Stock Drops 34%
Friday, November 24, 2017
Cumulus Media has been delisted by the NASDAQ for failing to meet the $1.00 minimum pricing requirement and other financial performance issues. On Wednesday, the first day of trading after the delisting. the stock dropped over 34 percent and is now be traded on the OTCBB.
In Rhode Island, Cumulus is the parent company of the largest group of radio stations in the Providence market — WPRO AM and FM, HOT 106, LITE 105 and others and now the company faces financial uncertainty.
On Wednesday, the stock closed at just $0.17 per share. An 89 percent drop in stock value from the 52-week high and that was after an eight for one stock swap in 2016.
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