iHeartMedia Stock To Return To Public Trading On July 18

iHeartMedia iHeart iHeartCommunicationsiHeartMedia announces that its Class A common stock will return to public trading on the NASDAQ Global Select Market on July 18.

iHeartMedia will be listed as “IHRT” on the ticker for its IPO.

iHeartMedia, Inc. (OTC PINK: IHTM) today announced that its Class A common stock has been approved for listing on the NASDAQ Global Select Market. Upon listing, iHeartMedia’s Class A common stock will trade under the ticker “IHRT.”

As previously announced, iHeart had been evaluating all paths to achieve a listing of its Class A common stock on a recognized U.S. stock exchange following emergence from its restructuring process. iHeartMedia has determined that a listing on the NASDAQ Global Select Market is the optimal strategy for iHeartMedia and all of the company’s stakeholders.

As a result, the Company has requested the withdrawal of its previously filed registration statement on Form S-1 with the U.S. Securities and Exchange Commission. iHeartMedia’s management team will be meeting with investors the week of July 15 in advance of a listing date of July 18, 2019.

“This is an exciting time for our company and an important step in the evolution of iHeartMedia. Our listing on the NASDAQ will provide greater liquidity for existing shareholders, allow us to diversify our investor base, and give us improved access to public capital markets in the future,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc.

Original Report 4/3: iHeartMedia revealed in a filing today with the Securities & Exchange Commission its intent to offer a Initial Public Offering of new Class A and Class B stock upon its upcoming exit from Chapter 11 bankruptcy.

iHeartMedia intends to use the proceeds from the stock sale to continue to pay down its debt, which will drop from $16 billion to $5.6 billion owed upon the exit from bankruptcy status. The company did not disclose the number of shares it was offering or set a price range for the offering.

The full IPO filing can be read here.

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