3-14-2012
Emmis has been notified of a possible delisting from the AMEX for being below $1.00 (The stock is at .73 and has been as low as .58). The reverse stock split is an attempt to get that stock price back above the $1.00 mark. Emmis is asking shareholders to vote for a change of between 1-for-3 and 1-for-8. Being delisted is a long process with many chances to appeal along the way. SBS went through a similar process recently.
There are additional changes being requested that you can find in the SEC document HERE
The following is a statement from Emmis as they filed for the reverse stock split with the SEC late last night. "Emmis responded to requests by our Preferred Shareholders for liquidity and offered all our preferred shareholders, including the few remaining holdouts, the opportunity for liquidity. We were very clear in our most recent tender offer regarding the company potentially amending the preferred terms. Our Board, with the exception of the Director elected by the preferred shareholders, recommends the common shareholders vote to approve the amendments to the terms of the preferred as well as vote to provide the Board the discretion to implement a reverse stock split."
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