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In a recent special meeting, MediaCo Holding Inc. (NASDAQ:MDIA), a company specializing in radio broadcasting stations with a market capitalization of approximately $50 million, received approval from its stockholders for a significant stock issuance connected to a recent acquisition. According to InvestingPro data, the company operates with a substantial debt burden of $125.5 million and faces challenges with its short-term obligations exceeding liquid assets. The meeting, held remotely via webcast on Monday, saw the passage of a proposal to issue up to 28,206,152 shares of MediaCo Class A Common Stock upon the exercise of a warrant related to the acquisition of assets from Estrella Broadcasting, Inc. Additionally, the issuance of 7,051,538 shares was approved for potential exercise of options or put rights concerning certain broadcast assets.
The voting on the proposal showed overwhelming support from the shareholders, with 91,832,630 votes in favor and only 79,883 against among the Class A shares, with no abstentions or broker non-votes. Class B shareholders voted unanimously in favor, with 54,131,970 votes cast.
This decision comes as MediaCo aims to expand its reach in the broadcasting industry, with the recent acquisition and subsequent stock issuance being a strategic move to consolidate its assets and broaden its market presence. While the approval by the shareholders indicates confidence in the company’s direction, InvestingPro analysis reveals impressive revenue growth of nearly 95% in the last twelve months, though the company’s overall financial health score remains weak at 1.7 out of 5. The stock has shown volatile performance, dropping 56% over the past six months despite a remarkable 142% gain over the last year.
The SEC filing, dated today, confirms the completion of the voting process and the stockholders’ consent to the share issuance, marking a pivotal step in MediaCo’s ongoing business development. The company, headquartered in New York and incorporated in Indiana, operates under the leadership of Interim Chief Executive Officer Alberto Rodriguez, who signed off on the SEC filing. Investors seeking deeper insights into MediaCo’s financial health metrics, including its negative EBITDA of $21.3 million and current ratio of 0.76, can access comprehensive analysis through InvestingPro, which offers additional real-time metrics and expert insights.
This move by MediaCo is based on a press release statement and reflects the company’s compliance with SEC regulations, as well as its commitment to transparent and lawful corporate governance. The approval of the stock issuance is a critical juncture for the company as it continues to navigate the competitive landscape of the radio broadcasting sector.
In other recent news, MediaCo Holding Inc. has announced a sales agreement to offer Class A common stock valued up to $2,031,019. The company plans to conduct this "at-the-market" offering through BTIG, LLC, and Moelis (NYSE:MC) & Company LLC, acting as agents. This arrangement allows MediaCo to sell shares directly into the existing trading market at current prices, providing flexibility in raising capital. The agents will receive a commission of 4.00% on the gross proceeds from each sale. MediaCo is not obligated to sell any shares and may choose to halt sales at any time. The agreement will terminate once all shares are sold or if decided otherwise. The legal opinion for the issuance of shares will be provided by Indiana counsel. According to the SEC filing, this announcement is not an offer to sell shares nor a solicitation to buy them, ensuring compliance with state securities laws.
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