Audacy Inc. Announces 1-for-30 Reverse Stock Split

RADIO ONLINE | Friday, June 30, 2023

Audacy

As previously revealed on June 6, Audacy has completed a 1-for-30 reverse stock split of the company's Class A and Class B common stock on June 30. The Class A common stock will begin trading on a split-adjusted basis at the opening of the market on June 30 under a new CUSIP number, 05070N 202. At the Annual Meeting of Shareholders held on May 24, 2023, shareholders approved a reverse stock split of its outstanding Class A and Class B common stock at a ratio within a range between 1-for-two and 1-for-30.

The 1-for-30 reverse stock split reduced the number of outstanding shares of Class A common stock from approximately 137.5 million shares (excluding unvested restricted stock) to approximately 4.6 million shares (excluding unvested restricted stock) and reduced the number of outstanding shares of Class B common stock from approximately 4 million shares to approximately 135 thousand shares.

Proportional adjustments were made to the number of shares of Audacy's Class A common stock subject to outstanding equity awards, as well as to the applicable exercise prices.

At the effective time of the reverse stock split, Audacy shareholders received one share of Class A or Class B common stock for every 30 shares of Class A or Class B common stock held, as applicable. Record holders of Class A or Class B common stock will receive a transaction statement with respect to the exchange of such shares for post-reverse split shares.