EnQuest PLC, under the leadership of CEO Amjad Bseisu, CFO Salman Malik, and Head of Investor Relations Craig Baxter (NYSE:BAX), in conjunction with Teneo's Martin Robinson, Martin Pengelley, and Harry Cameron, has announced plans to delist from Nasdaq Stockholm. The application date for this action is set for December 5, 2023. Despite this move, the company will remain active in the UK North Sea and Malaysia. As part of this process, shareholders are required to transfer their shares from Euroclear Sweden AB to CREST via DNB Markets within the specified period from October 31 to December 13, 2023.
In a parallel development, Audacy's Class A Common Stock is slated for delisting from the New York Stock Exchange (NYSE) on November 10. This decision follows an unsuccessful appeal and the NYSE's submission of a Form 25 filing. The stock has been inactive on the NYSE since May and is currently trading over the counter under the ticker "AUDA".
The company has been wrestling with financial difficulties, as revealed in an October 27 filing with the Securities and Exchange Commission (SEC). The document discloses ongoing discussions with lenders regarding a debt due on March 31, 2029, along with an extended grace period for defaults on an $18 million interest payment. Additional grace periods are anticipated for a $15 million interest payment on senior secured second-lien notes due May 2027 and payments under an October 17, 2016 credit agreement that includes a $17 million interest payment.
Despite implementing a reverse 1-for-30 stock split in an attempt to mitigate its financial challenges, Audacy continues to grapple with substantial debt and the impact of its impending NYSE delisting. These ongoing issues may prompt Audacy to bypass a Q3 earnings call and instead release an earnings statement, following a similar approach to its Q2 earnings announcement.
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