Cumulus Faces NASDAQ Delisting As Its Shareholders Equity Falls Behind Minimum Requirement

Cumulus Media has been given a 45 day warning of delisting from NASDQ as its stockholders’ equity of $6,951,000 in its annual report is below the requirement of $10,000,000.

Cumulus will have until April 21 to provide NASDAQ with a plan to “achieve and sustain compliance with the Minimum Stockholder Equity Requirement”. If accepted, NASDAQ may grant an extension of up to 180 calendar days from the date of the letter to evidence compliance with the requirement. If not, Cumulus’ Class A common stock will be subject to delisting pending appeal to a NASDAQ hearing panel.