Tag: Broadcasting

Gray Television (GTN) – Core Advertising Surprisingly Strong

Posted on by cpereira@noblefcm.com


Wednesday, May 08, 2024

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 Results. The company reported Q1 revenue of $823.0 million, modestly beating our estimate of $814.0 million by 1.1%. Adj. EBITDA for the quarter was $197.0 million, beating our estimate of $171.0 million by 15.2%. Notably, core advertising was up 4.2% from the prior year period, excluding political revenue, even higher than the comparable quarter in 2019. 

Favorable core undercurrent. The company experienced growth in several national advertising categories, including automotive and consumer goods, which was up high single digits for the quarter. Management guided 2024 core advertising to be above pre-Covid 2919 levels in spite of displacement in core advertising in political election years.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Cumulus Media (CMLS) – Advertising Remains Choppy

Posted on by cpereira@noblefcm.com


Monday, May 06, 2024

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 results. The company reported revenue of $200.5 million, which was in-line with our estimate of $200.0 million. Adj. EBITDA in the quarter was $8.4 million, in line with our estimate of $8.0 million. Notably, the company announced the completion of its favorable debt swap, which should alleviate near term refinancing concerns for investors.

Solid digital results. Notably, in Q1 the company’s digital segment grew revenue by 7% from the prior year period. The digital revenue growth was largely attributed to its digital marketing services business, which increased revenue by 25% from the year earlier period. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

E.W. Scripps (SSP) – Hoping To Get A Nice Bounce

Posted on by cpereira@noblefcm.com


Wednesday, April 24, 2024

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Potential Bounce TV sale. The company appears to be currently shopping its Over The Air (OTA) network Bounce TV, a network geared towards African American audiences. The sale of the Network, which would be viewed favorably, could take some of the pressure off of the company’s high debt leverage. Notably, CEO Adam Symson indicated that a deal could take place in the second or third quarter of this year. 

Strategic interest? There are a number of networks and programming companies that are focused on the attractive African American audience and could be strategic buyers for Bounce. We estimate that Bounce has shown attractive growth over the past several years, doubling in revenue since it purchased the network in 2017 to over $150 million in revenue in 2023. We estimate a potential selling price could be between $165 million to $225 million, or 1.1 to 1.5 times revenues.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Cumulus Media (CMLS) – Likely To Complete Debt Swap

Posted on by cpereira@noblefcm.com


Monday, April 22, 2024

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Amended debt swap. Upon pressure from the majority of its debt holders, the company amended the terms of its debt swap, decreasing the discount on the debt from 80% to 94%, but also decreasing the interest rate from the previous plan of 8.75% to 8.0%. This plan for the debt conversion appears likely to be completed given that it is estimated that 90% plus of the holders have agreed to the terms. The company needs only 95% of its lenders to agree to the new terms by May 1 to complete the conversion. 

Lengthens maturities. The new debt will extend maturities from 2026 to 2029, providing a large runway for the company to execute its growth initiatives and debt reduction efforts. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Saga Communications (SGA) – Regains Its Crown

Posted on by cpereira@noblefcm.com


Friday, March 08, 2024

Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Delivers good Q4 results. Total company revenues of $29.1 million was slightly better than our $28.5 million estimate. The Q4 revenue decline of a modest 3.3% was due to the absence of Political advertising. However, it was among the best in an industry which reflected revenue declines between 6% to 14% among its peers. Adj. EBITDA was $4.5 million versus our $4.0 million estimate. 

Announces special dividend. The company declared its first variable dividend of $0.60 per share to be paid on April 5, 2024 with a record date of March 18, 2024. The dividend will be funded by cash on the company’s balance sheet. This variable dividend is in addition to the regular quarterly dividend and a recent $2 per share special dividend. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Cumulus Media (CMLS) – A Foggy View For 2024

Posted on by cpereira@noblefcm.com


Wednesday, February 28, 2024

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Meets expectations. The company reported revenue of $221.3 million, which was in-line with our estimate of $220.6 million. Adj. EBITDA in the quarter was $22.8 million, beating our estimate of $20.5 million by 11.2%. Notably, digital revenues performed strongly in the quarter, growing 5.0% from the prior year period. 

Q1 off to a lackluster start. Management provided total company advertising pacings to be down low single digits in the first quarter. While this is a significant sequential improvement from the 11.9% decrease in Q4 (which reflected the absence of Political), it is lackluster. The first quarter does not benefit from Political advertising, but the lackluster, high margin core and Network advertising will take a toll on margins. As such, we are lowering our Q1 revenue and adj. EBITDA estimates. 


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Gray Television (GTN) – Delivers Solid Fourth Quarter Results.

Posted on by cpereira@noblefcm.com


Monday, February 26, 2024

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q4 Results. The company reported Q4 revenue of $864.0 million, edging our estimate of $857.0 million by 0.8%. Notably, Adj. EBITDA in the quarter was a strong $216.0 million, surpassing our estimate of $189.0 million by 14.3%. The results are illustrated in Figure #1 Q4 Results. The quarter was driven by lower than expected operating expenses. Importantly, the company is anticipating a favorable influx of high margin political revenue in 2024.

2024 outlook. In our view, the company stands to benefit from several favorable factors in 2024. Notably, we are forecasting $655.0 million in high margin political revenue for full year 2024, which should aid the company in its debt reduction efforts. Additionally, the company’s production companies are guided to produce $110.0 million in revenue in 2024, a step up from $86 million in 2023. We believe there could be positive upside in our 2024 estimates.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

E.W. Scripps (SSP) – Strong Reaction To A Decent Quarter

Posted on by cpereira@noblefcm.com


Monday, February 26, 2024

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Exceeds Q4 estimates. Q4 was solid, beating our revenue estimate by 3.8% and our adj. EBITDA estimate by 13.4%. Revenues were down 9.6% to $615.8 million due to the absence of year earlier Political and weak National advertising. Recent cost initiatives allowed the company to improve adj. EBITDA margins to 19.1% versus our 17.5% estimate.

Improving advertising trends. The company reported a 1% increase in Core advertising with a favorable outlook of flat to up 1% for the upcoming quarter. Furthermore, its Network business appears to be on the mend, with significantly higher (30%) scatter prices heading into an upfront season. Lastly, management provided guidance for Political that was higher than our estimate to a range of $210 million to $250 million. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Cumulus Media (CMLS) – Reaches For Its Pill Box

Posted on by cpereira@noblefcm.com


Friday, February 23, 2024

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Announces a “poison pill.” Cumulus Media adopted a limited-duration shareholder rights plan with the goal of discouraging an investor from increasing its stake beyond 15% of total shares outstanding. We view the move as shareholder friendly given that it prevents the investment group from a “creeping,” opportunistic takeover of the company at depressed stock valuations. 

What does the pill do? The plan is to issue one right for each share of Class A and Class B common stock as of the close of business March 4, 2024. The right will become exercisable if any person or affiliate group acquires 15% or more of the company’s stock. Each right holder will be able to acquire shares at a 50% discount or exchange the right for common stock. The move would significantly dilute the investor’s interest and make a takeover of the company prohibitively expensive. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Saga Communications (SGA) – Provides Fuel To Its Growth

Posted on by cpereira@noblefcm.com


Thursday, February 15, 2024

Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Buys attractive radio station group. Saga plans to purchase Lafayette, IN radio stations WKOA (FM), WKHY (FM), WASK (FM), WXXB (FM), WASK (AM) and W269DJ from Neuhoff Communications in a cash transaction for $5.3 million. The transaction is subject to regulatory approval and is expected to close in May. We view the transaction favorably. 

Attractive market. Lafayette is in line with the company’s target acquisition markets. The stations are located in a growing community with a broad-based economy including a large university (Purdue University), biotech and healthcare services, advanced manufacturing (Caterpillar large engines and Wabash), Aerospace (GE Aviation, SAAB, & Rolls Royce), and Automotive (Subaru) which is expanding.  


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Beasley Broadcast Group (BBGI) – A Much Better Quarter Than The Stock Suggests

Posted on by cpereira@noblefcm.com


Tuesday, February 13, 2024

Beasley Broadcast Group, Inc. owns and operates 61 stations (47 FM and 14 AM) in 15 large- and mid-size markets in the United States. Approximately 20 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text messaging, digital and web applications and email. The Overwatch League’s Houston Outlaws esports team is a wholly owned subsidiary. The Company also owns BeasleyXP, a national esports content hub, and AXLR-R8, a Rocket League Championship Series team, in its esports portfolio. For more information, please visit www.bbgi.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4 results. The company reported Q4 revenue of $65.7 million, in-line with our estimate of $66.1 million, and adj. EBITDA of $5.0 million, which was slightly below our estimate of $6.1 million. Notably, the company’s high growth digital businesses performed strongly in the quarter, and accounted for 18.4% of full year 2023 revenue. 

Favorable digital outlook. 2023 was a solid year for the company’s digital initiatives. Digital revenue increased a solid 11.4% year-over-year and accounted for 18.4% of total revenue for the year. Notably, we expect the company’s favorable digital revenue growth to continue in 2024, and account for 20% of total revenue. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Saga Communications (SGA) – Stands Apart From The Radio Pack

Posted on by cpereira@noblefcm.com


Friday, February 02, 2024

Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Highlights from recent NDR. This report provides highlights of a recent Non Deal Road Show to investors in South Florida on January 30th and 31st. Chris Forgy, CEO, and Sam Bush, CFO, reinforced our favorable investment premise for the company. 

A lot of headroom for growth. Management appeared sanguine about its revenue growth opportunities given its developing Digital businesses and focus on National, Non Traditional Revenue (Events), and e-commerce revenues. Digital revenue accounts for only 11% of its total revenue giving it a lot of headroom for growth, with some peers as much as 50% of revenue. 


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Salem Media Group (SALM) – Taking Serious Steps To Reduce Costs

Posted on by cpereira@noblefcm.com


Tuesday, January 02, 2024

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Delist and Deregister. The company announced that its Special Committee recommended to delist its shares on the Nasdaq Global Market and to deregister the Class A shares with the SEC, reversing its intent to stay the suspension of its shares from being delisted. The delisting is expected to become effective Jan. 18, 2024, at which time, the company plans that it shares will be quoted on the OTCQX or other market operated by OTC Markets Group. 

Significant savings. Given the move to delist, the company will no longer be required to publish a quarterly 10Q and host quarterly investor calls. We estimate that the move to delist and deregister its shares will save the company over $1.2 million annually. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.