In October, Beasley Media Group received a warning from Nasdaq to bring its stock price above the $1.00 per share minimum value within 180 days to avoid a delisting. Despite share value remaining under the threshold, Beasley has secured a second window to bring the price up – and the company says “all reasonable available options” are on the table.
The broadcaster successfully moved its Class A common stock from the Nasdaq Global Market to the Nasdaq Capital Market, effective as of the opening of business on April 18.
With the new listing, Beasley has secured another 180-day period, ending on October 7, to achieve compliance. During this time, the stock must maintain a minimum bid price of $1.00 for at least ten consecutive business days. Should Beasley fail to meet this standard within the allotted timeframe, it risks receiving a delisting notification from Nasdaq, although it would then have the opportunity to appeal.
The shift from the Global to Capital Market allows BBGI to continue trading under the ticker symbol “BBGI” while it works to meet Nasdaq’s financial requirements and corporate governance standards.
Beasley has expressed its readiness to undertake all necessary measures, including a potential reverse stock split, to satisfy the minimum bid price requirement. However, the company expressed there is no guarantee they will meet this requirement within the extended compliance period or maintain compliance with other Nasdaq listing standards.
If Beasley were to attempt a reverse stock split, the move would have to be approved by shareholders and they would join several other major broadcast groups to undergo such a process – Cumulus Media and Audacy.
Under a buck? Can’t even buy a Diet Coke for a buck?! The Beasley digital and podcast initiatives were not well executed.