Cumulus Media to Be De-Listed From Nasdaq Exchange

Radio broadcaster Cumulus Media was notified by the Nasdaq Composite on Wednesday (April 23) that its shares will be de-listed from the exchange on May 2, according to a Cumulus regulatory filing. The stock will transition the same day to trading on the over-the-counter (OTC) market and will retain the CMLS ticker.

Shares of Cumulus Media fell 26% in after-hours trading following the news on Wednesday afternoon. Not including Wednesday’s after-hours decline, the company’s share price had fallen 59.7% in 2025 and 90% over the last 12 months. 

Cumulus Media chose not to take advantage of its one-week grace period to request an appeal hearing. Rather, the company wants “a seamless transition” to OTC trading and seeks to avoid “the requisite expenditure of resources, including time and expense, of addressing the Nasdaq compliance issues,” according to the filing. Additionally, Cumulus weighed “the potential for adverse consequences to shareholder value that could result from actions taken to regain compliance, such as a reverse stock split, feedback received from shareholders, and the potential to relist shares of Class A common stock on Nasdaq in the future.” 

The Nasdaq had warned Cumulus Media of a possible de-listing in March and December 2024. The December warning arose from Cumulus Media shares closing under $1.00 for the previous 30 days. The company was given until June 16 to regain compliance by closing at $1.00 or more for at least 10 consecutive business days. In March, the Nasdaq issued another de-listing warning for failure to meet the exchange’s minimum stockholder’s equity requirement of $10 million. It was given until April 21 to provide Nasdaq with a plan to achieve compliance with the rule. 

Cumulus Media shares have closed under $1.00 every trading day since Nov. 1, 2024 — the day the company reported a 1.8% year-over-year decline in third-quarter revenue and CEO Mary Berner warned “the advertising environment remains uncertain.” A slowdown in local radio advertising contributed to a 2.1% decline in full-year 2024 revenue and a $283 million net loss despite achieving $43 million in annualized cost reductions.