Colorado Media Newsroom
December 29th, 2023, 10:20 AM
From Radio Insight:
https://radioinsight.com/wp-content/images/2018/11/salem-200x200.pngSalem Media Group will voluntarily delist its stock from NASDAQ and move to an over the counter exchange on or around January 18, 2024.
The delisting follows Salem’s announcement of a new $26.0 million 3-year asset-based revolving credit facility with Siena Lending Group to replace its former line of credit with Wells Fargo Bank. Salem stated that obligations under the New Revolving Facility are secured by a first-priority lien on the Company?s and its subsidiaries? accounts receivable, inventory, deposit and securities accounts, certain real estate and related assets, and a second-priority lien on substantially all other assets of the Company and its subsidiaries.
Salem Media Group stock opened today at 54 cents per share.
Salem Media Group, Inc. (the ?Company?) (NASDAQ: SALM) announced today that it has given formal notice to the Nasdaq Stock Market of its intention to voluntarily delist its Class A Common Stock from the Nasdaq Global Market and to deregister its Class A Common Stock under Section 12(b) of the Securities Exchange Act of 1934 (the ?Exchange Act?).
The Company currently anticipates that it will file with the Securities and Exchange Commission (the ?SEC?) a Form 25 (Notification of Removal of Listing) on or about January 8, 2024, with the delisting of its Class A Common Stock taking effect no earlier than ten days thereafter. As a result, the Company expects that the last trading day of its common stock on the Nasdaq Global Market will be on or about January 18, 2024. Further, prior to March 29, 2024, the Company intends to file a Form 15 with the SEC to suspend the Company’s reporting obligations under Sections 12(g) and 15(d) of the Exchange Act.
The Company anticipates significant financial savings as a result of this decision. In addition, delisting and deregistration provide several benefits to the Company and its stockholders including lower operating costs and reduced management time commitment for compliance and reporting activities.
The Company anticipates that its Class A Common Stock will be quoted on the OTCQX or other market operated by OTC Markets Group Inc. (the ?OTC?), and it intends to take such actions to enable its Class A Common Stock to be quoted on the OTCQX or on another OTC market so that a trading market may continue to exist for its Class A Common Stock. The Company expects its Class A Common Stock to be quoted on the OTCQX Market beginning on or around January 19, 2024, pending approval by OTC Markets.
more (https://radioinsight.com/headlines/262708/salem-to-voluntarily-delist-from-nasdaq/)
https://radioinsight.com/wp-content/images/2018/11/salem-200x200.pngSalem Media Group will voluntarily delist its stock from NASDAQ and move to an over the counter exchange on or around January 18, 2024.
The delisting follows Salem’s announcement of a new $26.0 million 3-year asset-based revolving credit facility with Siena Lending Group to replace its former line of credit with Wells Fargo Bank. Salem stated that obligations under the New Revolving Facility are secured by a first-priority lien on the Company?s and its subsidiaries? accounts receivable, inventory, deposit and securities accounts, certain real estate and related assets, and a second-priority lien on substantially all other assets of the Company and its subsidiaries.
Salem Media Group stock opened today at 54 cents per share.
Salem Media Group, Inc. (the ?Company?) (NASDAQ: SALM) announced today that it has given formal notice to the Nasdaq Stock Market of its intention to voluntarily delist its Class A Common Stock from the Nasdaq Global Market and to deregister its Class A Common Stock under Section 12(b) of the Securities Exchange Act of 1934 (the ?Exchange Act?).
The Company currently anticipates that it will file with the Securities and Exchange Commission (the ?SEC?) a Form 25 (Notification of Removal of Listing) on or about January 8, 2024, with the delisting of its Class A Common Stock taking effect no earlier than ten days thereafter. As a result, the Company expects that the last trading day of its common stock on the Nasdaq Global Market will be on or about January 18, 2024. Further, prior to March 29, 2024, the Company intends to file a Form 15 with the SEC to suspend the Company’s reporting obligations under Sections 12(g) and 15(d) of the Exchange Act.
The Company anticipates significant financial savings as a result of this decision. In addition, delisting and deregistration provide several benefits to the Company and its stockholders including lower operating costs and reduced management time commitment for compliance and reporting activities.
The Company anticipates that its Class A Common Stock will be quoted on the OTCQX or other market operated by OTC Markets Group Inc. (the ?OTC?), and it intends to take such actions to enable its Class A Common Stock to be quoted on the OTCQX or on another OTC market so that a trading market may continue to exist for its Class A Common Stock. The Company expects its Class A Common Stock to be quoted on the OTCQX Market beginning on or around January 19, 2024, pending approval by OTC Markets.
more (https://radioinsight.com/headlines/262708/salem-to-voluntarily-delist-from-nasdaq/)