It’s been a bruising 2023 for Audacy Inc., the company founded as Entercom in the late 1960s by Joseph Field today led by his son, David Field. Second quarter 2023 financial results were quietly released on Friday, sans an earnings call for analysts, debtholders and shareholders. A 1-for-30 reverse stock split didn’t fully cure the company’s noncompliance issues with the NYSE, as “AUDA” — trading on the Over the Counter market — was down to 95 cents just after 11am on Tuesday.
Now, some stakeholders in Audacy may be nervous thanks to a 10-Q filing made Monday with the Securities and Exchange Commission that shares the company’s status as a “Going Concern” — and how plans are in the works to sell “certain assets” in two top markets.
