SBS Broadcasting Considers Stock Split To Avoid NASDAQ Delisting
April 25, 2011 at 5:38 AM (PT)
In a SCHEDULE 14A filed with the UNITED STATES SECURITIES AND EXCHANGE COMMISSION, SBS BROADCASTING is asking shareholders for, "the authorization of the Board of Directors in its sole discretion to approve an amendment to our certificate of incorporation to effect a reverse stock split of our Class A common stock and Class B common stock by a ratio of not less than one-for-five and not more than one-for-ten, with the exact ratio to be set at a whole number within this range as determined by our Board of Directors in its discretion."
Read the proxy statement here.
The company is making the move in response to a written notification from the NASDAQ Stock Market (NET NEWS 4/18) that threatened delisting, based upon the Company's failure to regain compliance with the $1.00 per share minimum bid price requirement set forth in a NASDAQ Listing Rule.