Nasdaq has issued a notice to Beasley Media Group that its stock price is no longer in compliance after closing below the $1 per share minimum for 30 consecutive business days.
The stock market provides companies 180 days to regain compliance. Beasley Media Group will have until April 10th, 2024 to return its minimum price to $1 per share for 10 consecutive business days.
In its filing with the Securities & Exchanges Commission, Beasley said “The Company intends to actively monitor the closing bid price of its Common Stock and will consider all reasonable available options to regain compliance with the Minimum Bid Price Requirement, which may include transferring the listing to the Nasdaq Capital Market and/or seeking stockholder approval to effect a reverse stock split. There can be no assurance that the Company will regain compliance with the Minimum Bid Price Requirement during the 180-day compliance period, secure a second 180-day period to regain compliance, maintain compliance with the other Nasdaq listing requirements or be successful in appealing any delisting determination.”
Additionally, Beasley says if it does not regain compliance by April of next year, it could still be eligible for an additional 180-calendar day compliance period to hit certain requirements.
Beasley Media Group joins a growing list of radio companies that have been issued non-compliance notices by Nasdaq or the New York Stock Exchange this year. Audacy, Salem Media Group, and Urban One have been given similar notices.
