A proposal added to the agenda for Entercom’s annual shareholder meeting on May 12th would allow employees and directors to exchange their outstanding stock options with exercise prices of $11.80 or more for a lesser number of restricted stock units. The exchange ratio would be 2.25 options for one restricted stock unit for options with an exercise price of $11.80-30.00 and 4.5 options for one restricted stock unit for options with an exercise price above $30. That $11.80 was the 52-week closing high as of February 28th. The stock has recently been trading closer to a single dollar.
