Clear Channel Outdoor On Notice, Again —New York Stock Exchange
The Value of Leadership of the OOH Big 3
Clear Channel Outdoor On Notice, Again
Well, not the way I wanted to start my Friday morning, nor for anyone in the Out of Home Industry who knows the importance of the value of leadership of the OOH Big 3. Tough news for Clear Channel Outdoor. For background please see the two previous posts⇒ CCO Near Delisting and here⇒ CCO Back in Compliance
Clear Channel Outdoor Holdings, Inc. Receives Continued Listing Standard Notice from NYSE
SAN ANTONIO, Texas — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today announced that on August 4, 2020, the Company received formal notice from the New York Stock Exchange (“NYSE”) that it was not in compliance with the NYSE’s continued listing standards as a result of the average closing price of the Company’s common stock being less than $1.00 per share over a consecutive 30 trading-day period.
In accordance with the NYSE rules, the Company has a period of six months following the receipt of the NYSE notice to regain compliance with the minimum share price requirement, or until the Company’s next annual meeting of stockholders if stockholder approval is required to cure the share price non-compliance, as would be the case to effectuate a reverse stock split. The NYSE rules require the Company to notify the NYSE, within 10 business days of receipt of the NYSE notice, of its intent to cure this deficiency. The Company intends to notify the NYSE of its intent to regain compliance with the requirements of Section 802.01C of the NYSE Listed Company Manual by implementing a reverse stock split, subject to approval by the Company’s board of directors and the stockholders at the next annual meeting of stockholders, if the Company does not achieve an accelerated cure prior to the cure deadline.
The Company can regain compliance at any time during the cure period if on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Failure to satisfy the conditions of the cure period or to maintain other listing requirements could lead to a delisting.
The NYSE notice does not affect the Company’s business operations or its reporting obligations with the Securities and Exchange Commission, nor does it trigger any violation of its debt obligations.
Under the NYSE rules, the Company’s common stock will continue to be listed and traded on the NYSE during the cure period, subject to the Company’s compliance with other continued listing requirements.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of the world’s largest outdoor advertising companies with a diverse portfolio of approximately 570,000 print and digital displays in 32 countries across Asia, Europe, Latin America and North America, reaching millions of people monthly. A growing digital platform includes more than 16,000 digital displays in international markets and more than 1,900 digital displays (excluding airports), including more than 1,400 digital billboards, in the U.S