As word surfaced that Audacy Corp. conducted a mandatory all-staff meeting at 3pm Eastern, the company’s beleaguered stock further withered on the NYSE, falling 6.2% with seconds remaining in trading on Wednesday. This put Audacy shares at roughly $0.27 per share.

What did Audacy employees participate in? It was just an ordinary affair, RBR+TVBR has learned.

That was not known as RBR+TVBR reached its 4pm Eastern editorial deadline on December 7. A company representative did not immediately respond to an e-mail request for comment. However, on Thursday morning RBR+TVBR was contacted via Twitter with a note that the meeting was simply a regular Town Hall — with no major announcements offered by top management.

That said, that did little to cease rumors and quiet rampant speculation as to what the company formerly known as Entercom Communications will do as it faces a NYSE delisting, short of a reverse stock split.

Audacy Corp., has not been in compliance with the NYSE’s continued listing standard since June 28.

Audacy could have regained compliance with the NYSE continued listing requirements at any time during a six-month cure period if, on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.

Time is running out, and Audacy hasn’t finished a trading session above 50 cents since September 2 — half of where AUD needs to be in the eyes of Wall Street.

As such, Audacy looks more and more likely to engineer a reverse stock split, something Cumulus Media did following approval of a shareholder vote conducted in September 2016. That company moved forward with a 1-for-8 reverse stock split. But, that didn’t resolve the debt to income ratio problem. Cumulus on Nov. 29, 2017, elected to file for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

To be clear, Audacy has not mentioned the word “bankruptcy” in any way. The key need is to resolve its NYSE compliance.

With Wednesday’s Closing Bell on the NYSE, AUD was priced at $0.2739, down 6.23% from Tuesday. It presently bears a 1-year target price of $0.44.