Saga Down After Reverse Stock Split
January 30, 2009 at 5:02 AM (PT)
SAGA COMMUNICATIONS was trading for the first day after a one-for-four reverse stock split yesterday, and the company was down $0.19 (-4.62%) to $3.93 (Follow SAGA's stock here). SAGA had announced TUESDAY (NET NEWS 1/27) that a 1-for-4 reverse stock split of SAGA's Class A Common Stock and Class B Common Stock would become effective as of 11:59p ET on JANUARY 28th.
The reverse stock split was approved by the Company's Board of Directors and majority stockholder pursuant to Sections 228 and 242 of the Delaware General Corporation Law. SAGA's Class A Common Stock began trading on the NYSE on a split-adjusted basis under a new CUSIP number, 786598 300.
As a result of the reverse stock split, each four (4) shares of SAGA's Class A Common Stock and each four (4) shares of Class B Common Stock issued and outstanding immediately prior to the Effective Time were automatically combined into one (1) share of Class A Common Stock and one (1) share of Class B Common Stock, respectively, subject to rounding up for fractional shares.
DANIEL TISCH, the son of one-time CBS owner LARRY TISCH, has been buying SAGA shares recently through his Towerview LLC company, and has purchased over 1.5 million shares, pre-reverse split.
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