Cumulus Media stockholders approve 1-for-8 reverse stock split
Cumulus Media announced that, at a special meeting of the company's stockholders held on October 12, its stockholders voted to approve a 1-for-8 reverse stock split of each class of the company's issued and outstanding common stock. Upon the effectiveness of the reverse stock split, every 8 shares of each class of Cumulus common stock will be converted into 1 share of the same class of such common stock. No fractional shares will be issued in connection with the reverse stock split. The reverse split is expected to become effective at 5:00 p.m. on October 12, and the company's split-adjusted Class A common stock is expected to begin trading on The NASDAQ Capital Market on October 13, the company said.