The digital media company has until November 27 to raise its price or face delisting. It’s been trying to pivot to AI-powered quizzes to lure readers.
BuzzFeed, once the darling of digital media, is now at risk of getting kicked off the Nasdaq because its stock is doing so badly.
Per a Friday filing with the Securities and Exchange Commission, BuzzFeed got a notice from Nasdaq on May 31 that its stock had been trading below the minimum threshold of $1 for the previous 30 business days. The Hollywood Reporter’s J. Clara Chan first reported the delisting notice.
BuzzFeed has until November 27 to raise its stock price or it could get booted off the exchange. (It could also apply for an 180-day extension.)
The digital media outlet went public via a SPAC in 2021 but has struggled as a public company, seeing its market cap dwindle to under $100 million. The firm has had an especially rough last few months.
