Two more radio companies, Citadel Broadcasting and Entercom Communications, the third and fourth largest radio groups in the U.S., were notified this week by The New York Stock Exchange that their shares have fallen below the continued listing criteria.
NYSE requires that companies maintain an average closing price of $1.00 per share for 30 consecutive trading days.
On Wednesday morning (Dec. 3), Entercom’s stock was barely over $1.00 at $1.07 while Citadel’s was at $0.18.
Entercom has six months to bring its average share price to $1.00.
Citadel plans to submit a plan to the NYSE within 45 days to demonstrate it can bring its share price into compliance.
Other radio companies facing delisting include Regent Communications, Radio One, Spanish Broadcasting System, and subscription radio service, Sirius XM Radio. Radio network Westwood One was delisted late last month.