Cumulus Media Inc. announced it will voluntarily move its Class A common stock from trading on the NASDAQ Global Market to the OTCQB market, effective at the open of business on May 2, 2025. The company will continue trading under its existing ticker symbol, CMLS.

The decision follows a notification from NASDAQ stating the company was no longer in compliance with continued listing standards, specifically rules 5450(a)(2) and 5450(b)(1)(A), which relate to minimum bid price and market value requirements. Rather than appealing the delisting or pursuing corrective measures to regain compliance, Cumulus opted to transition to the over-the-counter market.

In a filing with the Securities and Exchange Commission, Cumulus said it considered various factors before choosing not to appeal NASDAQ’s decision. Among those were the cost and resources required to attempt compliance, potential negative impacts on shareholder value from measures like a reverse stock split, and feedback received from shareholders.

“Rather than investing time, effort, and cost into developing a plan to remain on NASDAQ, the company has decided to move forward with a seamless transition to the OTC market,” the company said in a statement. It emphasized that the change affects only the stock’s trading venue and has no impact on its operations or strategic focus.

Cumulus has qualified to have its shares quoted on the OTCQB, an electronic market operated by OTC Markets Group Inc. for early-stage and developing U.S. and international companies. The company will continue to file all required reports with the SEC.