Reverse Stock Split Announced by Cumulus Media
At a special stockholders meeting, Wednesday, Cumulus Media stockholders approved a 1-to-8 reverse stock split of each class of the Company’s issued and outstanding common stock. When the stock split becomes effective, every 8 shares of each class of Cumulus common stock will be converted into 1 share of the same class of such common stock. The reverse stock split is being implemented primarily to increase the trading price of the Company’s Class A common stock to permit the Company to regain compliance with NASDAQ listing requirements and to enhance the liquidity of the Class A common stock.
The reverse split is expected to become effective at 5:00 p.m. on October 12, 2016, and the Company’s split-adjusted Class A common stock is expected to begin trading on The NASDAQ Capital Market on October 13, 2016. There will be no change in the Company’s NASDAQ ticker symbol (CMLS) as a result of the reverse stock split. The new CUSIP number that will be applicable to the Class A common stock after the reverse stock split is 231082603.