Salem Media sinks after announcing Nasdaq delisting

Salem Media Group announced today that it has given formal notice to the Nasdaq of its intention to voluntarily delist its class A common stock from the Nasdaq. The company currently anticipates that it will file with the Securities and Exchange Commission a notification of removal of listing on or about January 8, 2024, with the delisting 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 will be on or about January 18, 2024. Salem Media 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 said in a statement. Shares of Salem are down 29% to 39c following the news.