Westwood One Removes Doubt About 'Going Concern'
June 24, 2009 at 5:31 AM (PT)
WESTWOOD ONE 's annual shareholder meeting is set for FRIDAY (6/26), and the voters will pass judgement on the company's proposed 200-to-1 reverse stock split and an increase in the authorized shares of common stock. In a form 8-K filed this week with the SEC, the company said that in light of the company's restructuring, the conditions that gave rise to substantial doubt as of MARCH 30th about the Company's ability to continue as a going concern have been removed.
The company is planning to sell up to $50 million in stock, partially new shares and partially from those held by investor THE GORES GROUP. THOMAS WEISEL PARTNERS LLC is handling the sale.