On June 30, shares in Audacy Inc. moved ahead with a 1-for-30 reverse stock split designed to get the company’s stock back in compliance with NYSE regulations that require at least a $1 closing price for a 30-day period.
Today, “AUDA,” a OTC issue, has fallen to a fresh post-split low, renewing concerns about Audacy’s ability to trade on any venue other than the over-the-counter market, home to the riskiest of investments.
With just 14,066 shares traded on average volume of 15,651 shares, Audacy stock fell 12.5% on Monday to finish the day at $0.2714 — or $0.009046, had there not been a reverse stock split five months ago.
It puts the market cap on Audacy at just $40.804 million, further exacerbating efforts by the company to engage in a possible restructuring effort.
The decline for Audacy came on a day when iHeartMedia and Beasley Media Group were both up, and Salem Media Group, which has also experienced significant share erosion, saw its stock dip by 4.8% to $0.60.
