Paul Brenner Becomes An Executive Dir. At Emmis, Company Announces 4-For-1 Reverse Stock Split
July 8, 2016 at 3:39 AM (PT)
In a Form 8-K filed with THE SECURITIES AND EXCHANGE COMMISSION, EMMIS BROADCASTING revealed a promotion for TAGSTATION/NEXTRADIO Pres. PAUL BRENNER and a 4-for-1 reverse stock split.
EMMIS WROTE, "on JULY 6, 2016, the Board of Directors named PAUL V. BRENNER an executive officer of the Company as part of its annual review of the Company’s executive officers. Mr. BRENNER will continue his position as President - TAGSTATION/NEXTRADIO. Under the terms of his employment agreement for the period MARCH 1, 2016 through FEBRUARY 28, 2019, Mr. BRENNER’s annual base salary rate is $400,000 for the remainder of our fiscal year ended FEBRUARY 28, 2017, and will increase, if at all, each fiscal year thereafter by an amount equal to the percentage increase for the Company’s corporate merit pool. However, like other executive officers, Mr. BRENNER agreed to a five percent reduction in his base salary for calendar 2016."
Additionally, the company noted, "On JULY 7, 2016, EMMIS COMMUNICATIONS CORPORATION (the “Company”) filed Articles of Amendment to implement a one for four reverse stock split of each of its Class A, Class B and Class C common stock as of the close of the trading market on JULY 7, 2016. Thus, the reverse stock split will be effective with the commencement of trading on JULY 8, 2016. In lieu of issuing fractional shares, the Company shall pay in cash the fair value of such fractions of a share as of JULY 7, 2016 . Such fair value is $0.695 for each pre-split share of our outstanding common stock, which is the average closing sales price of the Class A common stock as reported by the Nasdaq Global Select Market for the thirty (30) trading days preceding such date. A conformed copy of the Second Amended and Restated Articles of Incorporation of the Company."