NASDAQ Issues Notice of Potential Delisting for Beasley

RADIO ONLINE | Monday, October 16, 2023

Beasley Broadcast Group

Beasley Broadcast Group received a written notice from the Nasdaq Stock Market on October 13 indicating that the bid price for its Class A common stock had closed below the $1.00 per share minimum bid price requirement for 30 consecutive business days. The notice does not immediately affect the listing of Beasley's Common Stock, which continues to trade on the Nasdaq Global Market under the symbol "BBGI." As of October 16, the company's shares were trading at $0.81.

However, the company has 180 calendar days, or until April 10, 2024, to regain compliance with the Minimum Bid Price Requirement. This entails the closing bid price being at least $1.00 per share for a minimum of ten consecutive business days during the 180-day period.

Should Beasley fail to regain compliance by April 10, 2024, it may be eligible for an additional 180-calendar day compliance period by transferring the listing to the Nasdaq Capital Market and meeting specific requirements. Failure during this extended period may result in Nasdaq notifying the company of a delisting determination, which Beasley can appeal to a Nasdaq hearing panel.

According to Beasley, the company intends to actively monitor its Common Stock's closing bid price and explore options to regain compliance, including transferring the listing to the Nasdaq Capital Market and possibly a reverse stock split.