Salem to Delist Stock From Nasdaq

Salem Media Group will voluntarily delist its Class A common stock from the Nasdaq Global Market, the radio broadcaster said Friday in a news release. Salem “anticipates significant financial savings as a result of this decision,” the release said. “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,” it added. Salem anticipates filing a “Form 25 (Notification of Removal of Listing)” on Jan. 8, with the delisting taking effect “no earlier than ten days thereafter,” the release said. The last trading day of its common stock on the Nasdaq “will be on or about January 18, 2024.” Salem expects its stock to be quoted and eventually tradeable “on the OTCQX or other market operated by OTC Markets Group” beginning in January, “pending approval by OTC Markets.”