Beasley Broadcast Group Approves Reverse Stock Split
| RADIO ONLINE | Thursday, September 19, 2024 | 10:51am CT |
|
 Beasley Media Group |
Beasley Broadcast Group's board of directors has approved a reverse stock split of its Class A Common Stock and Class B Common Stock at a ratio of 1-for-20. Stockholders previously approved the reverse stock split on August 26 and provided the board with discretion to determine the final reverse stock split ratio. The reverse split is to regain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market.
The reverse stock split is expected to become effective on September 23. Shares of the company's Class A Common Stock are expected to begin trading on a split-adjusted basis on Nasdaq on September 24. Shares of the Class A Common Stock will continue to trade under the symbol "BBGI."
On the effective date, every 20 shares of the company's Class A Common Stock issued and outstanding will be automatically converted into one share of Class A Common Stock, and every 20 shares of the Company's Class B Common Stock issued and outstanding will be automatically converted into one share of Class B Common Stock.
No fractional shares of Common Stock will be issued in connection with the reverse stock split. Holders of Common Stock who would otherwise receive a fractional share of Common Stock will receive cash in lieu of the fractional share equal to the closing sales price of the Class A Common Stock on the effective date.
The reverse stock split has no effect on the par value of the company's Common Stock or authorized shares of any class of Common Stock. Immediately after the reverse stock split, each stockholder's percentage ownership interest in the company and proportional voting power will remain unchanged, except for minor changes that will result from the treatment of fractional shares.
Equiniti Trust Company, LLC is acting as transfer and exchange agent for the reverse stock split. Registered stockholders who hold shares of Common Stock in book entry are not required to take any action to receive split-adjusted shares.
