Salem Media Group, Inc. (NASDAQ: SALM) has officially notified the Nasdaq Stock Market of its decision to voluntarily delist its Class A Common Stock from the Nasdaq Global Market and deregister under Section 12(b) of the Securities Exchange Act of 1934. The company plans to file a Form 25 with the Securities and Exchange Commission (SEC) on or about January 8, 2024, with the delisting expected to take effect no earlier than ten days thereafter.
The last trading day for Salem Media Group's common stock on the Nasdaq Global Market is projected to be on or about January 18, 2024. Additionally, before March 29, 2024, the company intends to file a Form 15 with the SEC to suspend reporting obligations under Sections 12(g) and 15(d) of the Exchange Act.
This decision follows Nasdaq's notice, received on December 22, 2023, indicating non-compliance with the minimum bid price required for continued listing. Despite a hearing request submitted on December 26, 2023, Salem Media Group's board of directors, after careful evaluation, determined that voluntary delisting is in the best interests of the company and its stockholders. The move is expected to result in significant financial savings, lower operating costs, and reduced management time commitment for compliance and reporting activities.
Salem Media Group anticipates quoting its Class A Common Stock on the OTCQX or another market operated by OTC Markets Group Inc. (OTC). The company aims to take necessary actions to enable its Class A Common Stock to be quoted on the OTCQX or another OTC market, with an expected quoting on the OTCQX Market around January 19, 2024, pending approval by OTC Markets.
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.
