Urban One Moves on Reverse Stock Split
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.
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.
dividend of PodcastOne shares to between 12% and 16%. After completion of the successful spin-out – which the company notes is not guaranteed to happen – LiveOne will own approximately 86.3% of the PodcastOne common stock. LiveOne also reports that PodcastOne has repaid $1 million of its debt convertible at $3 and expects to repay an additional $1 million to $2 million. LiveOne intends for PodcastOne stock to be traded on the Nasdaq Capital Market under the ticker symbol PODC.