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MediaCo Faces Potential Nasdaq Delisting
MEDIACO (owns WBLS & WQHT (HOT 97)/NEW YORK, is at risk of being removed from the NASDAQ stock exchange because it hasn’t submitted its financial report for the second quarter of 2024 to the SEC. NASDAQ has rules requiring companies to submit these reports on time, and MEDIACO missed the deadline. The company did report the delay to NASDAQ in a filing on AUGUST 14th.
In that filing, MEDIACO shared that it expected to report $26.9 million in net revenue, but also an operating loss of $7.9 million and a significant net loss of $42.4 million for the quarter.
This is a huge increase in losses compared to the same quarter in 2023, where the loss was only $0.4 million. The big jump in losses is mainly because of the financial impact of acquiring ESTRELLA BROADCASTING and its subsidiaries in APRIL.
MEDIACO has until OCTOBER 21st to either submit the missing financial report or give NASDAQ a plan explaining how they will fix the issue. If necessary, NASDAQ might extend the deadline to FEBRUARY 17th, 2025.
Despite these issues, MEDIACO’s stock is still being traded, and the company says it is working to resolve the delay and plans to submit the required report as soon as possible.