After Urban One shareholders approved the company’s request to consider a reverse stock split last June, the company’s board of directors announces that it is going forward with a reverse stock split of all classes of its common stock, including its publicly traded shares of Class A
Common Stock and Class D Common Stock at a ratio of 10 for 1. The company states, “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 with respect shares of the Company’s Class D Common Stock.” No fractional shares of Common Stock will be issued in connection with the reverse stock split. Holders of stock who would otherwise receive a fractional share will receive cash in lieu of the fractional share equal to the closing sales price of the stock on the effective date – in this case January 22.
