Posted by Mayor Dusty on March 03, 2009 at 18:18:28:
Down to 10 cents a share today, and reported to be leaving the NYSE as of the this Friday.
What does it mean to the Chicago Operations?
From Yahoo:
Form 8-K for CITADEL BROADCASTING CORP
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3-Mar-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or S
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On February 26, 2009, NYSE Regulation, Inc. ("NYSE Regulation") issued a press release stating its determination that the common stock of Citadel Broadcasting Corporation (the "Company") should be suspended prior to the opening of trading on Friday, March 6, 2009. The Company expects to commence trading on the over-the-counter (OTC) market that same day under a symbol yet to be determined.
The press release indicated that the decision was reached in view of the fact that the Company had fallen below the NYSE's continued listing standard regarding average global market capitalization over a consecutive 30 trading-day period of less than $75 million and average closing price of less than $1.00 over a consecutive 30 trading-day period. The Company's non-compliance with these standards was previously disclosed in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 and its Current Report on Form 8-K dated December 2, 2008.
The Company expects that NYSE Regulation will proceed with an application to the Securities and Exchange Commission to delist the Company's common stock, as the Company has informed the NYSE that it will not request a review of this determination.
A copy of NYSE Regulation's press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Exhibit Title
99.1 Press Release dated February 26, 2009.