Mon Sep 23 21:45:57 UTC 2024: ## Beasley Broadcast Group Completes 1-for-20 Reverse Stock Split

**Naples, Florida – September 23, 2024** – Beasley Broadcast Group Inc. (NASDAQ: BBGI) has officially completed a 1-for-20 reverse stock split of its Class A and Class B common stock. The move, which became effective at 11:59 p.m. Eastern Time, aims to increase the per-share trading price of the company’s stock and potentially regain compliance with Nasdaq’s minimum bid price requirement.

Following the split, shareholders now own one share for every 20 shares previously held. Fractional shares are being compensated with cash payments based on the closing price of the Class A Common Stock on the Nasdaq on the effective date. Trading of the company’s Class A common stock will continue on the Nasdaq under the ticker symbol BBGI, but with a new CUSIP number (074014 200), starting tomorrow.

Beasley Broadcast Group, a radio broadcasting company with stations across the United States, believes this move will enhance shareholder value. The company’s decision for the reverse split was detailed in its definitive information statement filed with the U.S. Securities and Exchange Commission on September 3, 2024.

The reverse split comes as Beasley Broadcast Group reported mixed results for its second-quarter 2024 earnings. While total revenue saw a decline of 4.8%, digital revenue increased by 10.2%, now accounting for 21.5% of the total revenue. The company’s adjusted EBITDA also rose by 11.4% to $8.8 million.

InvestingPro suggests that BBGI’s stock might be undervalued relative to its assets, but highlights concerns about the company’s significant debt burden and its rapid cash burn. Despite this, BBGI maintains liquid assets exceeding short-term obligations, offering some financial flexibility.

Investors considering an investment in Beasley Broadcast Group should be aware of these factors and may find InvestingPro’s Fair Value estimate of $0.62, suggesting potential upside from the previous close price of $0.49, valuable for informed decision making.

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