Following a move similar to what Saga did in January, Regent Communications is reportedly proposing a reverse stock split. It’s an effort to help boost the company’s stock price, which stood at 15 cents as of 9:20am Friday.
The news was part of Tom Taylor’s daily column for radio-info.com, and Taylor reports the reverse split could have a ratio as high as 3o-to-1. That’s much bigger than Saga’s maneuver, where every four shares were merged into one.
The deal would put the stock price well above the $1.00 minimum companies are supposed to maintain in order to keep their listing on the NASDAQ exchange.
Taylor reports the deal already has initial approval from the Regent board of directors — next, it’ll go up to a vote before shareholders in June.
Locally, Regent owns four stations in the Utica-Rome market: AC Lite 98.7 (WLZW), country Big Frog 104 (WFRG), Oldiez 96 (WODZ) and Newsradio 950 WIBX.