Beasley Approves Reverse Stock Split
• The Board of Directors of Beasley Broadcast Group Inc., the parent company of Beasley Media Group, 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 stock split is being conducted to regain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market.
The split is expected to become effective on September 23, 2024, when 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.
Shares of the Company’s Class A Common Stock are expected to begin trading on a split-adjusted basis on Nasdaq on September 24, 2024. Shares of the Class A Common Stock will continue to trade under the symbol “BBGI” and the new CUSIP number will be 074014 200.
For more information on the reverse stock split, please refer to the Company’s definitive information statement filed with the U.S. Securities and Exchange Commission (SEC) on September 3, 2024, or the Company’s Current Report on Form 8-K filed on September 19, 2024.
