With plenty of time to spare, Beasley Media Group has closed the book on a Nasdaq listing scare that dogged the company since April. The broadcaster has regained compliance with Nasdaq’s minimum stockholders’ equity requirement after months of debt restructuring.
This spring, Beasley disclosed a stockholders’ deficit of $49,330,431. That’s significantly below the Nasdaq threshold of $2,500,000 in stockholders’ equity. The company had until October 10 to demonstrate compliance under an extended review period, and closed the matter roughly seven weeks ahead of that deadline.
Beasley’s equity position improved following its May debt restructuring, in which the company exchanged roughly $184 million of second-lien notes for new secured notes and repurchased $15.9 million of first-lien debt. The transaction produced a $91.8 million non-cash gain that helped swing the company to positive stockholders’ equity by the end of the second quarter, alongside a new asset-based revolving credit facility intended to extend liquidity.
It is not the first listing challenge for Beasley, which received a delisting warning in October 2023 over its stock price and executed a 1-for-20 reverse stock split in September 2024 to address it.
