Salem Media Group Announces Voluntary Delisting from the Nasdaq Global Market
29 Dicembre 2023 - 6:11PM
Business Wire
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.
FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in Section 27A of the Securities Act of 1933,
as amended and Section 21E of the Securities Exchange Act of 1934,
as amended. Such statements, including statements regarding the
expected timing and process for delisting and deregistering the
Company’s Class A Common Stock, are based upon current plans,
estimates and expectations of management that are subject to
various risks and uncertainties that could cause actual results to
differ materially from such statements. The inclusion of
forward-looking statements should not be regarded as a
representation that such plans, estimates and expectations will be
achieved. All forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those that we expected, including, but not limited to, the
Company’s ability to facilitate the quoting of its Class A Common
Stock on the OTCQX or another OTC market, and other important
factors discussed in the Company’s reports on Forms 10-K, 10-Q, 8-K
and other filings filed with or furnished to the SEC. Readers are
urged to consider these factors carefully and in the totality of
the circumstances when evaluating these forward-looking statements,
and not to place undue reliance on any of them. Any such
forward-looking statements represent management’s reasonable
estimates and beliefs as of the date of this press release. We
assume no obligation to publicly update or revise these
forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in
these forward-looking statements, even if new information becomes
available in the future.
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company
specializing in Christian and conservative content, with media
properties comprising radio, digital media and book and newsletter
publishing. Each day Salem serves a loyal and dedicated audience of
listeners and readers numbering in the millions nationally. With
its unique programming focus, Salem provides compelling content,
fresh commentary and relevant information from some of the most
respected figures across the Christian and conservative media
landscape. Learn more about Salem Media Group, Inc. at
www.salemmedia.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231229938490/en/
Evan D. Masyr Executive Vice President and Chief Financial
Officer (805) 384-4512 evan@salemmedia.com
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