BuzzFeed Could Be De-Listed From NASDAQ As Stock Price Remains Well Below $1

According to a report from J. Clara Chan of the Hollywood Reporter, Left-wing news outlet BuzzFeed could be de-listed from NASDAQ as its stock price remains well below $1.

According to a Friday filing with the Securities and Exchange Commission, BuzzFeed was informed by NASDAQ on May 31 that its stock price had been trading below the minimum threshold of one dollar for the past 30 days.

The outlet will have until November 27 or it could be removed from the exchange. They will also have an opportunity to request a 180-day extension.

The once popular online news source went public in 2021 but has struggled mightily. As of the May 31 notice, BuzzFeed has seen its market cap shrink to under $100 million.

In April, BuzzFeed shut down its newsroom and laid off 15% of its staff. “We’ve faced more challenges than I can count in the past few years: a pandemic, a fading SPAC market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market and ongoing audience and platform shifts,” CEO Jonah Peretti wrote in a letter to employees at the time. “Dealing with all of these obstacles at once is part of why we’ve needed to make the difficult decisions to eliminate more jobs and reduce spending.”

In order to regain momentum, the company intends to expand its artificial intelligence and creator efforts, according to a report from Business Insider. The company recently began offering quizzes and has been pleased with the results so far, finding that readers spent 40% more time on AI-generated quizzes than traditional ones in May.

The company’s potential de-listing comes not long after a very similar outlet, Vice News, announced that it could be shutting down due to ongoing financial woes. Both companies enjoyed widespread success in the early 2010’s and targeted similar markets.