Beasley Broadcast Group announced today a proposed offering of shares of its Class A common stock, which includes 1,305,000 shares offered by Beasley and 3,126,147 shares offered by certain stockholders of Beasley named in the preliminary prospectus supplement (the “selling stockholders”). The underwriters have a 30-day option to purchase up to an additional 663,922 shares of Class A common stock from Beasley and the selling stockholders.
The proceeds of the primary portion of the offering will be used by Beasley for general corporate purposes, which may include, among other things, working capital, capital expenditures, debt repayment or refinancing or the financing of possible future acquisitions. Beasley will not receive any proceeds from shares of Class A common stock to be sold by the selling stockholders.
Guggenheim Securities, LLC is acting as sole book-running manager for the offering. Stephens Inc. is acting as lead manager for the offering.