Generally reverse stock splits aren't good for shareholders. Theoretically there's no difference but if no one is interested at 0.70 they aren't any more interested at 2.10 after a 1 for 3 reverse split either. Best thing to do is sell and take your losses before the reverse split takes effect.
Clearly, with this news, delisting is off the table. The reverse split will take care of that and is pretty much guaranteed to secure enough votes. This alone should propel the stock up to a dollar given the current ridiculously low valuation.
Whatever, happens with the preferred stock will be icing on the cake - or could even cause the stock price to double - depending on how it all plays out.
In any case, now is NOT the time to sell EMMS - better to wait and see what happens. In my opinion, ALL the downside has already been more than priced in. And I am not even considering the other positives such as political ad spending or the sale of KXOS.