Beasley Announces Approval of Reverse Stock Split

RADIO ONLINE | Monday, August 26, 2024

Beasley Media Group

Beasley Broadcast Group has announced that its majority stockholders have approved an amendment to the company's Amended and Restated Certificate of Incorporation. This amendment will authorize a Reverse Stock Split of the company's outstanding Common Stock, with a potential ratio ranging between 1-for-5 and 1-for-20. This decision was made by holders representing a majority in voting power of the issued and outstanding shares of the company's Common Stock.

The specific ratio of the Reverse Stock Split within the approved range will be determined by the company's board of directors at a later date. The move is part of the company's ongoing efforts to manage its capital structure effectively.

Beasley Media Group was issued a Delisting Warning by the Nasdaq in October 2023 after their Class A Common Stock dropped below the $1.00 per share minimum bid price requirement for 30 consecutive business days. The company's minimum share price is required to rise over at least $1.00 per share for ten consecutive business days by then to remain on the public exchange.