Cumulus Media‘s stock continued to dip into uncharted waters on Monday, as investors sold their shares in the nation’s No. 2 radio broadcast company by number of stations.
At the closing bell on Monday, CMLS shares were down 13.3%, to $0.2756.
The dip came on word that its 1-for-8 reverse stock swap conducted in mid-October to help avoid a Nasdaq delisting has failed in its efforts to prevent such an occurrence. In an 8-K filing made late Friday, Cumulus revealed that it received on April 5 an official delinquency notice from the exchange for having its stock close at below $1 per share for 30 consecutive sessions.
This gives Cumulus until Oct. 2 to regain compliance. If not, Cumulus could shift to an Over-The-Counter market.
In other activity regarding media stocks, Viacom shares fell 44 cents, to $44.83.
At CBS Corp., shares dipped 45 cents, to $68.22, as the 2016 salary of CEO Les Moonves made the rounds around the trades early Monday. For the record, his salary was $69.6 million in 2016.
Meanwhile, Saga Communications continued its hot streak with a 30-cent climb, to $50.90.
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