Beasley Media Group is now the third major radio company in 2023 to fall under the threat of having its stock delisted. On Friday, October 13, Beasley shared a warning notice from the Nasdaq Stock Market with the SEC, stating that the company’s Class A common stock has fallen below the Nasdaq Global Market’s minimum of $1.00 per share for more than 30 consecutive days.
Beasley now has until April 10, 2024, to regain compliance. To achieve this, the stock’s closing bid price must remain at or above $1 per share for at least ten consecutive business days within this 180-day period.
If Beasley fails to meet this requirement by April 10, it may be eligible for an additional 180-day compliance period by meeting certain conditions. In its SEC filing, Beasley CFO Marie Tedesco announced the company is considering multiple strategies, such as a potential transfer to the Nasdaq Capital Market or a reverse stock split, to regain compliance.
If the company cannot regain compliance within these periods, Nasdaq will proceed to delist the stock.
Beasley joins Audacy and Urban One as broadcasters who have face delisting warnings. Audacy was removed from the New York Stock Exchange after the price dropped too low and is still trying to return to compliance after a 1-for-30 reverse stock split. Urban One is facing delisting procedures from Nasdaq after accounting errors and delay led to late filings of that company’s quarterly reports.
Beasley spent too much money suing, or threatening to sue former employees. Caroline runs an overly-emotional top heavy operation which commonly features her brother’s having to calm her down. They are in a tough spot and layoffs are looming.
Shocking another broadcaster that in spite of running 20 commercials an hour can’t grow revenue and reward shareholders. These companies are uninvestable. How are those stock options working out for you Beasley employees?
How many bankrupt or delisted companies do we have now? Lost count.
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