Westwood One Off The Big Board
19 November 2008
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Westwood One, which was earlier warned by the New York Stock Exchange that it was in danger of delisting because of its failure to maintain the required $25 million market capitalization, has now received notice that it will be delisted. Trading in WON will be suspended as of November 24, when the company intends to begin trading on the OTC Bulletin Board. Westwood One is considering whether to appeal the delisting, and is still assessing whether to seek listing on AMEX or Nasdaq, either of which would require a reverse stock split and shareholder approval. Westwood One said it is in “active discussions with its lenders and bondholders” to restructure debt and “regain financial flexibility in 2009.”
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