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.
Forward Looking Statements
This press release includes "forward looking statements"
within the meaning of the "safe harbor" provisions of the United
States Private Securities Litigation Reform Act of
1995. Forward looking statements may be identified by
the use of words such as "intend", "anticipate", "believe",
"expect", "estimate", "plan", "outlook", and "project" and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical
matters. These forward looking statements include any
statements regarding the Company's strategic and operational plan,
including the intention to delist from Nasdaq and deregister the
Company's Class A Common Stock, and expected financial
performance. Forward looking statements should not be read as a
guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved. Forward
looking statements are based on information available at the time
those statements are made and/or management's good faith belief as
of that time with respect to future events, and are subject to
risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in or suggested
by the forward looking statements, including but not limited to
unforeseen events that may affect the retail market or the
performance of the Company's stores. The Company does
not intend, and undertakes no duty, to update this information to
reflect future events or circumstances. Investors are
referred to the most recent reports filed with the SEC by the
Company.
Contact: Investor Relations, Emmis
ir@emmis.com
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SOURCE Emmis Communications