INDIANAPOLIS, April 24, 2020 /PRNewswire/ -- Emmis Communications Corporation (Nasdaq: EMMS) (the "Company") today announced that it will voluntarily delist its Class A Common Stock from the Nasdaq Stock Market, and based upon ownership of its shares by fewer than 300 holders of record, deregister its Class A Common Stock under the Securities Exchange Act of 1934 and suspend its public reporting obligations.
Jeffrey H. Smulyan, the Company's CEO stated, "We've undertaken a detailed and thoughtful review of the costs and benefits associated with being a Nasdaq-listed and SEC reporting company. After careful consideration, our Board of Directors unanimously decided to voluntarily delist from Nasdaq and deregister with the SEC as we believe the expected savings of more than $1 Million per year outweigh the advantages of continuing as a Nasdaq-listed and SEC reporting company."
The Company intends to file a Form 25 with the Securities and Exchange Commission (the "SEC") on or about May 4, 2020, in order to delist from Nasdaq. The Company anticipates that the last day of trading on Nasdaq will be on or about May 13, 2020. The Company's Class A Common Stock may thereafter be eligible for trading on an over-the-counter market, if one or more brokers chooses to make a market for the Company's Class A Common Stock; however, there can be no assurances regarding any such trading.
On or about May 14, 2020, the Company intends to file a Form 15 with the SEC, at which time the Company anticipates that its obligations to file periodic reports under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, will be suspended, and that all requirements associated with being an Exchange Act-registered company will cease 90 days thereafter. The Company still intends to file its annual report on Form 10-K for the fiscal year ending February 29, 2020.
About Emmis
Emmis Communications Corporation (Nasdaq: EMMS) currently owns 4 FM and 2 AM radio stations in New York and Indianapolis, as well as Indianapolis Monthly magazine. Emmis also owns a controlling interest in Digonex, which provides dynamic pricing solutions across multiple industries, and Lencore, the world leader in high-quality sound masking solutions for offices and other commercial applications.
Jeffrey H. Smulyan, the Company's CEO stated, "We've undertaken a detailed and thoughtful review of the costs and benefits associated with being a Nasdaq-listed and SEC reporting company. After careful consideration, our Board of Directors unanimously decided to voluntarily delist from Nasdaq and deregister with the SEC as we believe the expected savings of more than $1 Million per year outweigh the advantages of continuing as a Nasdaq-listed and SEC reporting company."
The Company intends to file a Form 25 with the Securities and Exchange Commission (the "SEC") on or about May 4, 2020, in order to delist from Nasdaq. The Company anticipates that the last day of trading on Nasdaq will be on or about May 13, 2020. The Company's Class A Common Stock may thereafter be eligible for trading on an over-the-counter market, if one or more brokers chooses to make a market for the Company's Class A Common Stock; however, there can be no assurances regarding any such trading.
On or about May 14, 2020, the Company intends to file a Form 15 with the SEC, at which time the Company anticipates that its obligations to file periodic reports under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, will be suspended, and that all requirements associated with being an Exchange Act-registered company will cease 90 days thereafter. The Company still intends to file its annual report on Form 10-K for the fiscal year ending February 29, 2020.
About Emmis
Emmis Communications Corporation (Nasdaq: EMMS) currently owns 4 FM and 2 AM radio stations in New York and Indianapolis, as well as Indianapolis Monthly magazine. Emmis also owns a controlling interest in Digonex, which provides dynamic pricing solutions across multiple industries, and Lencore, the world leader in high-quality sound masking solutions for offices and other commercial applications.
