Audacy delisted from the New York Stock Exchange

darethe owner of Pineapple Street Studios and known for being Audacy Beach Festival, recently reported a drop in music revenue and a net loss for the first quarter. The company’s music sales fell to $128.12 million, a quarterly decline of nearly 25%. This figure is also lower than what was attributed to the category in each quarter of 2021 and 2022. This drop in turnover is a major concern for the company

In addition, the company reported a net loss of $35.90 million for the first quarter. Despite this, Audacy’s podcast divisions had “44 million listeners” according to executives. They also highlighted perceived “significant opportunities for lower costs over time.” However, during the earnings call, the company received questions and comments about the long-term viability of its business, which negatively impacted its stock price.

As a result, Audacy has been suspended from the NYSE as the exchange pursues a full delisting. However, the company stated that shares can still be bought and sold over the counter. In addition, Audacy plans to appeal this decision and may resume trading on the NYSE if the appeal is successful.

While we are disappointed by the NYSE’s decision, Field said in part, we hope to find our way back to the stock market later this year as we execute on our action plans, which include a reverse stock split to comply with NYSE rules, the continued execution of our liability management plans and working with our financial advisors to refinance our debt.