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Pegasus Communications is seeking shareholder approval for an up to 1-for-10 reverse split of its Class A common stock and Class B common stock, according to press reports and a filing made the Securities and Exchange Commission.

In the filing, the board of directors said it believes the current low share price of the company's Class A common stock may have a negative effect on outstanding shares and on transaction costs paid by stockholders. Pegasus shares closed at $2.44 Wednesday.

Shareholders will be able to vote on the proposal at Pegasus' annual meeting scheduled for May 31

From SkyReport (Used with permission)
 
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