Otelco Tanks 40% on Time Warner Deal Expiration, Suspends Dividend

Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.

Shares of Otelco (NASDAQ: OTT) are seeing much pressure during Monday's trading session, after the company announced on Friday that its contract with Time Warner Cable (NYSE: TWC).Time Warner Cable indicated that it will not renew its existing contract for wholesale network connections provided by Otelco. The contract in question represented approximately 11.7% of Otelco's consolidated revenue for 2011. This contract expires on December 31, 2012 and includes a transition period into 2013.As part of its response to this development, the Board of Directors has decided to suspend dividends on the common stock portion of Otelco's Income Deposit Securities effective immediately.Currently, shares of Otelco are trading down over 41% at $7.09 per share. Shares are down over 48% year-to-date.

Crypto Whales Are Loading Up — Are You?

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!