Beasley Broadcast Group has announced that its Board of Directors has approved a reverse stock split of its Class A Common Stock and Class B Common Stock at a ratio of 1-for-20. Stockholders previously approved the reverse stock split on August 26, 2024 and provided the Board with discretion to determine the final reverse stock split ratio.

The reverse stock split is being conducted to regain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market. It is expected to become effective on September 23, 2024. Shares of the Company’s Class A Common Stock are expected to begin trading on a split-adjusted basis on Nasdaq on September 24, 2024. Shares of the Class A Common Stock will continue to trade under the symbol “BBGI” and the new CUSIP number will be 074014 200.

On the Effective Date, every 20 shares of the Company’s Class A Common Stock issued and outstanding will be automatically converted into one share of Class A Common Stock, and every 20 shares of the Company’s Class B Common Stock issued and outstanding will be automatically converted into one share of Class B Common Stock.

For more information on the reverse stock split, please refer to the Company’s definitive information statement filed with the U.S. Securities and Exchange Commission on September 3, 2024, or the Company’s Current Report on Form 8-K filed on September 19, 2024.