Emmis To Delist From NASDAQ, Deregister Its Class A Common Stock

Delisting

EMMIS COMMUNICATIONS has announced that its Class A common stock is being delisted from the NASDAQ stock market on a voluntary basis and is being deregistered under the Securities Exchange Act of 1934, which suspends its public reporting obligations. The stock has fewer than 300 shareholders of record. The formal filing with the SEC to delist from NASDAQ will be made on or about MAY 4th, and the stock is expected to cease trading on NASDAQ as of MAY 13th; on MAY 14th, the company will file its deregistration paperwork with the SEC, although it will still file an annual report for the fiscal year ended FEBRUARY 29, 2020.

CEO JEFF SMULYAN said, "We've undertaken a detailed and thoughtful review of the costs and benefits associated with being a NASDAQ-listed and SEC reporting company.  After careful consideration, our Board of Directors unanimously decided to voluntarily delist from NASDAQ and deregister with the SEC as we believe the expected savings of more than $1 Million per year outweigh the advantages of continuing as a NASDAQ-listed and SEC reporting company."

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