For the third time in a decade, CEO Jeff Smulyan is making an offer for the outstanding shares of Emmis Communications Corp., which runs radio stations and magazines in Indianapolis and major U.S. markets.
Emmis Communications Corp. shareholders on Thursday voted to approve a one-for-four reverse stock split that is aimed at avoiding a delisting of the stock by Nasdaq. The media company also announced first quarter results.
Emmis received a letter from the stock exchange in December notifying the company that its stock had closed below its minimum $1-per-share requirement for 30 straight business days.
Nasdaq rules give Emmis 180 days, or until June 6, to get back in compliance.