Jan. 22 at 1:55 PM
$MDIA live short interest 0.28%, CTB 3.14
OS: 81.85M
Float: 7.39M
Market Cap: ~
$53.4M
• Legacy Estrella / SG Broadcasting Overhang
– April 2024 Estrella warrants: 28.2M @
$0.01, customary anti-dilution, now fully exercised (0 remaining). This is where a big chunk of the cheap paper came from.
– Series A convertible pref (SG Broadcasting):
$22M, 18.33M sh @
$1.20 ref, vwap-based conversion over 30 trading days, now fully converted. Economic control sits with SG/affiliates even though float is only ~7.4M.
Both instruments are “history” but explain why OS is ~82M while float stays tight and why control is effectively with one sponsor. Any real secondary from these holders will dwarf public float.
• Still-Live Convert
– Nov 2019 Emmis convertible note:
$6.5M principal, 6.5M sh @
$1.00, VWAP-based (30-day) variable rate, matures Nov 25, 2025. At ~
$0.65, conversion is in-the-money vs par and gives Emmis meaningful optionality to drip stock into any strength.
This single note is the main remaining structural overhang: small in % terms vs OS, but large vs float and daily liquidity.
• ATMs & Shelf Capacity
– Aug 2021 B. Riley ATM:
$12.3M remaining, baby-shelf constrained; only ~
$200K used historically.
– Dec 2024 BTIG / Moelis ATM:
$2.03M capacity, also baby-shelf constrained.
– Aug 2024 Shelf:
$24.66M total, ~
$2.41M currently raisable under baby-shelf. Prior 2021 shelf largely unused aside from the small ATM draw.
ATMs are there but effectively throttled by the baby-shelf math and the tiny float; they can still sell into spikes, but this isn’t an S-1 machine that can nuke the tape overnight. Bigger risk is sponsor/creditor supply, not new primary.
