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SALM - Salem Media drops 5.7% after $15M sales deal with B. Riley
Salem Media Group Inc.
Salem Media Group (SALM) is 5.7% lower after entering a $15M sales agreement with B. Riley Securities. The deal is an at-the-market issuance sales agreement. As of March 12, Salem notes public float was about $47.1M (at a stock price of $3.57/share). The company says in no event will the aggregate market value of securities sold through the registration exceed one-third of public float so long as the float is less than $75M.