Beasley Broadcast Group (BBGI) said Thursday that its board of directors approved a reverse stock split of its Class A and Class B common stock at a ratio of 1-for-20, effective Sept. 23.

The reverse stock split was approved by stockholders on Aug. 26, with discretion given to the board of directors to determine the final ratio.

The company said the split was being conducted to regain compliance with the $1 minimum bid price requirement for continued listing on the Nasdaq Capital Market.

Shares of the company's Class A common stock are expected to start trading on a split-adjusted basis on Nasdaq on Sept. 24.

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