Jeff Blumenthal at The Philadelphia Business Journal:

Audacy’s effort to appeal the New York Stock Exchange’s decision to delist its stock was unsuccessful as a result of the audio content provider’s continued low share price.

In a Monday filing with the Securities and Exchange Commission, the Philadelphia company said the NYSE’s move to delist the stock will become effective on Nov. 10. Audacy (OTC: AUDA) said its stock will continue to trade over the counter under the symbol “AUDA.”

This has been an ongoing thing since the Summer of 2022. The short version is that Philadelphia-based Audacy, which owns 94 WIP and five other local radio stations, saw its stock price drop below a dollar. In order to remain listed with the NYSE, you have to trade above a dollar per share, which Audacy was not able to rectify. Therefore, they will be de-listed entirely.

It’s more of reputational hit than anything. Audacy will continue to trade on the pink sheets, i.e. over the counter instead of on a major U.S. Stock Exchange like the NYSE or NASDAQ. Note, however, that Audacy is the second-largest radio company in the United States, trading at just 43 cents while competitors Beasley (78 cents) and iHeart ($2.32) remain listed and in NYSE compliance.

Blumenthal’s story also notes that Audacy is trying to push some of its debt down the road:

Audacy is attempting to restructure $1.9 billion in debt and gain financial breathing room. The company said in a Friday SEC filing that it continues to have discussions with lenders to restructure its debt, a process that began in August. The company provided updates for debt maturing on March 31, 2029, saying it had extended the grace period for defaults in interest payments on the notes. This means the grace period for the previously announced interest payment of around $18 million due on Sept. 30, will now end on Nov. 29, if not paid off earlier.

Something to keep an eye on here. They need to get their finances in order, to avoid a bankruptcy filing.