Saga Reverses Its Split Stock
December 30, 2008 at 6:50 AM (PT)
Another sign of the Wall Street hard times: The Board of Directors of SAGA COMMUNICATIONS has authorized a reverse stock split of its Class A and Class B Common Stock, at a ratio of not more than one-for-four, for the purpose of providing the radio group with flexibility with respect to possible listing and trading liquidity opportunities.
SAGA's Board also reserved the right to change its mind and not to proceed with the reverse stock split, depending on market or other circumstances. The Company has filed a preliminary information statement with the SECURITIES AND EXCHANGE COMMISSION, which includes additional information about the reverse stock split. The information statement can be found on the SEC's website under http://www.sec.gov.