SFX Shares Drop To Approx. 24 Cents

The Wall Street Journal reported it has acquired an internal memo from Sillerman explaining the change of heart.

“At these low prices the time is not right to go forward on this path,” the memo reportedly says. “We will instead focus all energy on righting the ship and reversing the disappointing results of this year.” The WSJ reports the memo is titled, “The Future.”

The news sent stock plummeting from its already roughly 50 cents-per-share perch, hitting a low of 17 cents before rising to a slightly less negligible 24 cents.

Sillerman added in the memo that he would “revisit things as they develop,” according to the WSJ. “For now we will rededicate ourselves to providing the best possible experiences for our fans.”

SFX recently reported third quarter and year-to-date financials, including a net loss of $54.5 million on $133.2 million in revenue. The company’s shares are already under a delisting notice from NASDAQ, which issued the notice Oct. 30, giving SFX a 180-day window to bring share price to more than $1.