When RBR-TVBR last reported on Ludwig Enterprises, the subscription digital radio start-up using excess DTV bandwidth had fired up its first test market in Miami. Now, though, it has shut down operations while it tries to raise cash.
Ludwig’s board of directors voted a few weeks ago to recommend a one for 100 reverse stock split and that was approved at a special shareholders meeting. That reduced the number of shares outstanding from over 271 million to around 2.7 million.
The reverse split was designed to help facilitate efforts to raise cash for the planned rollout to 50 markets of “The One” radio system. Each market would offer 50 channels of diverse programming, with enhanced localization using a GPS chip.
Ludwig President Patrick Greenish tells RBR-TVBR that he is in discussions with potential new investors. Until new cash is raised the company has suspended operations.