Emmis Communications Corporation (OTCPK:EMMS) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 class A shares, representing 9.3% of the total common stock for $3.75 million. The shares will be repurchased at a price of not greater than $3.75 nor less than $2.75 per share.

The repurchases will be funded from from cash on hand and borrowings under an existing $1.6 million line of credit. The purpose of the program is to provide liquidity to shareholders. The company can exercise the Tender Clause to repurchase over and above of what it plans by 2%.

The program is valid till August 5, 2022.