Renew Group Private Ltd., the Singapore-based firm led by Manoj Bhargava, has fully divested its holdings in Cumulus Media, just days before company’s voluntary delisting from the Nasdaq Global Market and transition to the OTCQB exchange.

According to a newly filed SEC Schedule 13D, Renew sold its remaining 1,058,836 shares of Cumulus Media between April 15 and April 28 at an average price of $0.20 per share. The exit officially ended Renew’s status as a beneficial owner of more than 5% of the company’s stock as of April 25.

Renew’s original investment, worth over $5.1 million, had once given it more than a 10% stake in Cumulus. The company’s sell-off followed a turbulent 14-month period during which Cumulus expressed concern that Renew might attempt a hostile takeover, led by Bhargava, while CEO Mary Berner maintained control.

The final sell-off occurred amid heightened stock volatility for Cumulus. On April 23, the company’s shares closed at $0.2699 but dropped 24% in after-hours trading after the company announced plans to delist from Nasdaq and move to the OTCQB market.

Despite the Cumulus exit, Renew remains active in U.S. radio. It is currently the second-largest shareholder in Audacy Inc., following the company’s recent Chapter 11 restructuring, with only Laurel Tree Opportunities Corporation holding a larger stake.

The SEC filing confirmed that Renew now holds zero shares in Cumulus and has no current plans or proposals related to the company’s operations or future.