Companies at this level ended the following year delisted, bankrupt, restated or silent 9.2% of the time, against 4.0% for companies with a clean record.
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Cumulus Media Inc. (the “Company”) has determined that it is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”) within the prescribed period without unreasonable effort or expense for the reasons set forth below. As further described in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “Commission”) on March 5, 2026, the Company and certain of its direct and indirect subsidiaries (collectively with the Company, the “Company Parties”), on March 4, 2026, commenced filing voluntarily petitions for reorganization (the “Chapter 11 Cases”) pursuant to Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). As a result of the Chapter 11 Cases, the Company is required to obtain the approval of the Bankruptcy Court to retain PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Company and its subsidiaries. On March 17, 2026, the Company filed a motion seeking to approve procedures to retain ordinary course professionals (the “Motion”) with the Bankruptcy Court, and separately filed a declaration in support of the Company’s retention of PwC to provide audit services. The deadline for parties in interest to object to the Motion is April 7, 2026. If the Company does not receive any objections, it is anticipated that the Bankruptcy Court may enter an order approving the Motion as early as April 8, 2026, or shortly thereafter. The required audit of the financial statements and the delivery of an audit opinion to be included in the Annual Report cannot be completed prior to the time PwC’s retention is approved by the Bankruptcy Court. Therefore, the ultimate timing of the Company’s filing of its Annual Report is dependent upon entry of the order
NT 10-K, filed 2026-03-31 · auditor
Cumulus Media Inc. (the “Company”) has determined that it is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”) within the prescribed period without unreasonable effort or expense for the reasons set forth below. As further described in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “Commission”) on March 5, 2026, the Company and certain of its direct and indirect subsidiaries (collectively with the Company, the “Company Parties”), on March 4, 2026, commenced filing voluntarily petitions for reorganization (the “Chapter 11 Cases”) pursuant to Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). As a result of the Chapter 11 Cases, the Company is required to obtain the approval of the Bankruptcy Court to retain PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Company and its subsidiaries. On March 17, 2026, the Company filed a motion seeking to approve procedures to retain ordinary course professionals (the “Motion”) with the Bankruptcy Court, and separately filed a declaration in support of the Company’s retention of PwC to provide audit services. The deadline for parties in interest to object to the Motion is April 7, 2026. If the Company does not receive any objections, it is anticipated that the Bankruptcy Court may enter an order approving the Motion as early as April 8, 2026, or shortly thereafter. The required audit of the financial statements and the delivery of an audit opinion to be included in the Annual Report cannot be completed prior to the time PwC’s retention is approved by the Bankruptcy Court. Therefore, the ultimate timing of the Company’s filing of its Annual Report is dependent upon entry of the order
reportingrisk.com scores every active US filer on three things a company tells the SEC about itself: late-filing notices on Form NT, 8-K item 4.02 (past accounts declared unreliable) and 4.01 (auditor changes). 1,012 are flagged today.
Every score is frozen and checked twelve months later. Across 91,452 of them, a company scoring 4 or more ended that year delisted, bankrupt, restated or silent 17.2% of the time, against 4.0% for a clean record. Scores before 2026-09-27 were reconstructed from the filing history as it stood at each date, so the record is a backtest rather than years of live calls.
See the ledger → Every company the score flagged that later failed, what it told the SEC on the way down, and the ones it missed.Every item above is a filing this company
made with the SEC.
Snapshot 2026-11-04 · data from SEC EDGAR (public domain) · not
investment advice