#BuzzFeed Receives Nasdaq Delisting Notice After Poor Stock Performance

BuzzFeed has until Nov. 27 to improve the performance of its stock or risk getting delisted from Nasdaq, according to a Friday filing with the Securities Exchange Commission.

The media company received a notice from Nasdaq on Wednesday warning that for the past 30 business days, the bidding price for BuzzFeed’s common stock has closed below the $1-per-share minimum requirement to remain listed on the stock exchange.

Should BuzzFeed fail to meet the Nov. 27 deadline, the company could potentially receive another 180-day extension if it can meet the “continued listing requirement for the market value of publicly held shares” and provide written notice of its “intention to cure the bid price deficiency” during this second period, among other requirements, the filing said. Failure to do so for this second period would result in BuzzFeed getting delisted from Nasdaq, though the company could appeal the decision.

A spokesperson for BuzzFeed declined to comment.

A potential delisting would be an embarrassing end for BuzzFeed after the digital media company went public in Dec. 2021 through some maneuvering with a special purpose acquisition company. The SPAC merger gave BuzzFeed $1.5 billion valuation and $288 million in cash, allowing the media company to acquire Complex Networks as part of a larger consolidation of digital media companies that included BuzzFeed’s acquisition of HuffPost in 2020.

But BuzzFeed’s stock, which trades under BZFD and BZFDW, has struggled to perform amid an overall economic downturn that has particularly hurt digital advertising–reliant companies. The media company in recent months has implemented multiple rounds of layoffs and shuttered its news division BuzzFeed News. Revenue has continued to take a hit, with first quarter revenue falling 27 percent year over year to $67.2 million, the company said in its May earnings.