Spanish Broadcasting System, Inc. announces plan to withdraw common shares from the Stock Exchange

OFFICIAL PRESS RELEASE


NEWS PROVIDED BY
Spanish Broadcasting System, Inc.

MIAMI , July 26, 2020 - Spanish Broadcasting System, Inc. ("SBS" or the "Company") (OTCQB: SBSAA ) today announced the company's intentions to withdraw from the reporting set forth in the Law on the Stock Exchange of 1934, as amended (the "Exchange Act").

For the company, as has happened with all of them, the global pandemic has translated into the need, the reasons, and the rationale for cutting costs and operating as efficiently as possible. With that goal and objective in mind, the company's decision to withdraw its common shares from the Exchange, with a nominal value of $ 0.0001 per share (the "common shares"), was motivated by the elimination of significant costs and the administrative burden of preparing and submitting periodic reports to the Securities and Exchange Commission (the "SEC"), the demands absorbed by management and company personnel to comply with the requirements of the Stock Market Law and the small number of holders of the company's ordinary shares. The company considers that the expected savings,$ 1.5 million a year, outweighs the benefits of remaining a SEC filing company.

The company intends to promptly file a Certification Form 15 and notice of termination of registration under Section 12 (g) of the Exchange Act with the SEC regarding its interest in withdrawing its common shares and suspending its obligations. to file reports with the SEC. The company meets the requirements to file Form 15, since its ordinary shares are held by less than 300 registered holders.

Information about the company can be kept available by accessing its website: www.spanishbroadcasting.com . Consistent with its prior practices, commitments and obligations, the company will continue to provide reports and financial information to holders of 12.5% ​​of its guaranteed priority debt notes and holders of its Series B preferred shares.

About

About Spanish Broadcasting System, Inc.

Spanish Broadcasting System, Inc. ("SBS") owns and operates radio stations in major Hispanic markets in the United States of New York , Los Angeles, Miami , Chicago , San Francisco, and Puerto Rico , broadcasting the Tropical format genres. , Regional Mexican, Adult Contemporary in Spanish, Top 40 and Urban. SBS also operates AIRE Radio Networks, a national radio platform that brings together more than 300 affiliated stations, reaching 95% of the Hispanic audience in the United States. SBS also owns MegaTV, a broadcast television network, cable and satellite, and affiliated broadcasters in the United States and Puerto Rico.. SBS also produces a national billboard for concerts and live events, and owns multiple digital venues, including La Musica, a mobile app that offers Latino audio and video content via streaming, and HitzMaker, a destination for new talent for artists. Novice. For more information, visit us online at www.spanishbroadcasting.com .

Forward-looking statements

This press release contains certain forward-looking statements. These forward-looking statements, included pursuant to the safeguard provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties, and other factors that could cause SBS's results and effective performance in the future would be materially different from any future results or performance suggested in the forward-looking statements in this press release. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we cannot assure you that the actual results are not substantially different from such expectations. The "forward-looking" statements, as defined in the rules, the regulations and publications of the Securities and Exchange Commission represent our expectations or convictions, including, but not limited to, statements about our operations, economic performance, financial situation, ability to obtain and consummate financing transactions, as well how to consummate the recapitalization transaction described here, growth and acquisition strategies, investments and future operating plans. Without limiting the generality of the foregoing, words such as "could", "will be", "wait", "consider", "anticipate", "intend", "foresee", "seek", "plan", "predict "," projects "," could "," calculates "," could "," and there is no guarantee that the results, events or effective developments referred to herein will take place or materialize. We do not assume any obligation to update or modify the forward-looking statements to reflect changes in assumptions, the incidence of unanticipated events or changes in future operating results.

July 26, 2020 4:45pm ET by Pressparty  

, , , , ,

  Shortlink to this content: https://bit.ly/30QGdsf

SHARE THIS

Latest Press Releases