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.
Price: 0.5290, Change: -0.01, Percent Change: -1.14
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.