Emmis Board Proposes Reverse Split To Regain NASDAQ Listing Compliance
May 16, 2016 at 3:54 AM (PT)
Among the items in EMMIS' proxy statement for its shareholder meeting scheduled for JULY 7th is approval of a reverse stock split to maintain listing on NASDAQ's Global Select Market.
EMMIS fell out of compliance with the exchange's $1/share minimum bid price late last year and was given a JUNE 6th deadline to regain compliance; if NASDAQ turns EMMIS' appeal down at a hearing upon EMMIS getting a delisting notice, the board has proposed a one-for-four reverse split for Class A and B common stock.
The board unanimously decided on MAY 3rd on the reverse stock split plan, which would also reduce the authorized shares of Class C stock, although none of those shares have been issued.