In order to regain compliance with the Nasdaq stock exchange, the Board of Directors of Beasley Media Group has authorized a reverse stock split of the company’s outstanding common stock at a ratio between 1-for-5 and 1-for-20.
In an SEC filing made today, “The Board of Directors unanimously determined that it is advisable and in the best interests of the Company and its stockholders to approve and adopt an amendment to the Certificate of Incorporation to authorize the Reverse Stock Split.” The final ration and time of the split will be determined by the board.
Beasley Media Group was issued a Delisting Warning by the Nasdaq on October 13, 2023 after their Class A Common Stock dropped below the $1.00 per share minimum bid price requirement for 30 consecutive business days. After requesting a move from the Nasdaq Global Market to the Nasdaq Capital Market, Beasley received an additional 180 days to regain compliance that expires on October 7, 2024. The company will need its minimum share price to rise over at least $1.00 per share for ten consecutive business days by then to remain on the public exchange.
Beasley Media Group’s Class A stock closed today at 67 cents per share.
This story first appeared on radioinsight.com