MediaCo (NASDAQ:MDIA) stock is rising higher on Friday after the company updated investors on the stake held by Standard General L.P. CEO Soohyung Kim.
According to a filing with the Securities and Exchange Commission (SEC), Kim currently holds a 95.2% stake in the company. This comes from his 16,798,127 shares of MIDA stock, compared to the outstanding 20,594,481 shares.
That’s not all of the investor’s stakes in MDIA. Kim also holds 5,413,197 shares of MediaCo’s Class B common stock. These are convertible to Class A shares on a one-for-one basis.
Finally, the hedge fund CEO also owns 286,031 shares of Series A Preferred Stock, each of which is convertible into additional shares of MIDA stock. Based on the company’s Wednesday data, these shares can be converted into 52,926,933 shares of its Class A stock.
How This Affects MDIA Stock
News of the massive stake in MIDA has investors taking extra note of the stock this morning. That brings with it heavy trading of MDIA shares. This has more than 5.4 million units changing hands as of this writing. That’s already above its daily average trading volume of about 587,000 shares.
MDIA stock is up 73.6% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
