Beasley Broadcast Group announces that it sought and has received approval from The Nasdaq Stock Market LLC to transfer the listing of its Class A common stock from the Nasdaq Global Market to the Nasdaq Capital Market. If you recall, Beasley was notified by Nasdaq last October 13 that its stock had
traded below the $1.00 per share minimum bid price requirement for 30 consecutive days and it was being given 180 days to regain compliance. This move gives Beasley another 180 days to come into compliance by having its stock price trade at the $1.00 threshold or above for 10 consecutive days. The company announces that it has notified Nasdaq that it intends to cure its deficiency in satisfying the minimum bid price requirement by effecting a reverse stock split, if necessary. It would require the approval of current shareholders to do so. A reverse stock split reduces the number of shares in a company, thereby increasing the value of the existing shares.
