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WWI Reverse Stock Split Vote Rescheduled for 8/3
RADIO ONLINE | , , |
Westwood One has rescheduled a Special Meeting of stockholders to consider a reverse stock split to August 3. Also on the ballot is increasing the number of authorized shares to from 300 million to 5 billion. An earlier vote was postponed in June to provide the company's stockholders with supplemental information on proposals in a proxy statement.
The boost to five billion common shares will allow the Gores Group to convert other securities under the company's recapitalization plan -- which saved the syndication firm from bankruptcy last April.
A reverse stock split would provide one new share for each 200 currently held, aimed at boosting the company's share price. Westwood One previously filed to offer some $50 million of the common shares.
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