The company remains in debtor-in-possession status, and when it fully emerges from Chapter 11 bankruptcy protection, a fund linked to George Soros will be the lead equity interest holder in Audacy Inc.
While some wonder when the audio content creation and distribution company’s emergence as a restructured entity will happen, those who have remained shareholders are dwindling by the day, with “AUDAQ” hitting a new low on Tuesday.
On volume of 84,705 shares, against average volume of 22,573 shares, Audacy shares lost 50% of their value, and with less than 30 minutes remaining in the regular trading session were now priced at just 3 1/2 cents.
At one point on Tuesday, shares dipped as low as $0.0271.
By comparison, the 52-week high for Audacy stock is $1.64 per share.
A company spokesperson did not respond to a request for comment sent via e-mail by RBR+TVBR, which asked if an end to debtor-in-possession status prompted the latest dip.
Audacy is poised to reveal its Q2 2024 earnings in early August and will do so in a SEC filing, and not hold an earnings call.
One analyst continues to track Audacy. And, they’ve pegged the revenue to come in at $296.8 million for Q2. That would represent flat year-over-year revenue for the company founded by Joseph Field as Entercom and today led by his son, David Field.
