The audio content creation and distribution company founded as Entercom by Joseph Field and today majority owned by Soros Fund Management has confirmed that it is offering a selection of its qualifying stockholders the opportunity to exercise their preemptive right under the company’s shareholders’ agreement to purchase up to 5 million additional shares of Class A and Class B common stock.
The strike price, says Audacy Inc., is $20 per share.
What will the company do with the proceeds? The additional equity capital will be used to repay existing debt, it says.
Audacy said in a press release issued Monday that presumptive offerings have until Friday, December 27, to act on the offer.
