Beasley Media Group has finalized plans for its reverse stock split.
A 1-for-20 split will become effective on September 23, 2024 with shares of the company’s Class A Common Stock expected to begin trading on a split-adjusted basis on Nasdaq on September 24. On the Effective Date, every 20 shares of Beasley’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 its Class B Common Stock issued and outstanding will be automatically converted into one share of Class B Common Stock. No fractional shares of 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 pursuant to the reverse stock split 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 is being conducted to regain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market (“Nasdaq”).
Edward Ford
A reverse stock split didn’t work for Cumulus (1-8) or Audacy (1-30) to rescue them out from Chapter 11 and this 1-20 from Beasley will most likely get the same result.