On Wednesday, May 24, the Audacy Corp. annual shareholders meeting will be held via a live webcast scheduled to commence at 8:30am Eastern. Shareholders of record of its Class A common stock as of the close of business on March 17 may participate.
Qualified shareholders may vote on five items, most notably an amendment to the company’s Amended and Restated Articles of Incorporation allowing Audacy to engineer an all-important reverse stock split at a yet to be determined range.
Based on Monday’s trading, anything lower than a one-for-11 ratio is insufficient. While Audacy management can only determine what the ratio will be with an affirmative shareholder vote to Question No. 2, it can be determined as to which institutional investors are most impacted by a dilution of share value.
