Thursday, December 22, 2016

Penny Stock

How much financial trouble is Cumulus Broadcasting (owners locally of WLS-AM, WLS-FM, WLUP & WKQX) experiencing these days? Tom Taylor's NOW column explains...

It happened – Cumulus stock closed below $1 a share, less than three months after the one-for-eight reverse stock split that should’ve repaired the share-price problem. If “CMLS” continues to close below a buck a share, the NASDAQ exchange will shoot off another de-listing warning letter, and give it 180 days to work out the issue. Yesterday’s trading volume was much lighter than usual, during this holiday week. But even so, it was down two pennies to 98 cents. A couple of times it touched 95 cents a share.

That's very bad.