SBS Sets Reverse Split For May
April 27, 2010 at 4:23 AM (PT)
SPANISH BROADCASTING SYSTEM has set its planned reverse stock split on or about MAY 17th. The company filed a statement with the SEC and shareholders on MONDAY with formal notification of the plan, which will combine shares up to a 1-to-5 ratio.
No proxy was sought for the move, since CEO RAUL ALARCON, JR. owns 81.1% of voting stock and approved the reverse split. Combining shares will allow SBS to regain compliance and remain traded on NASDAQ's Global Market.
Remaining A Public Company
In the wake of YESTERDAY's news that EMMIS COMMUNICATIONS CEO JEFF SMULYAN's JS ACQUISITION is partnering with major EMMIS stockholder ALDEN GLOBAL CAPITAL to buy out all Class A shares of EMMIS and take the company private, ALARCON JR. used the opportunity to say SBS “currently has no intention to go private.”
SBS closed YESTERDAY (4/26) at $1.58 on the NASDAQ. Follow it's progress TODAY here.
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