The New York Stock Exchange on Thursday (Feb. 26) rejected Citadel Broadcasting’s business plan to avoid delisting and has pushed the Las Vegas-based radio giant off the trading exchange, effective March 6.
While the company’s shares traded as “CDL,” the company hopes to begin trading the same day on the Over The Counter (OTC) using a new symbol yet to be determined.
Citadel, which gained a penny to close at 14 cents a share on Thursday, fell below a $1 a share months ago, below the exchange’s continued listing stand ard.
Citadel shares hit a 52-week low of 11 cents a share on Feb. 17 and a 52-week high of $2 on March 11, 2008. The issue has lost more than 36 percent of its value in the past month and 99.26 percent over the last five years.