BALLANTYNE STRONG, INC. (NYSEMKT:BTN) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing
For the reasons previously disclosed in its Current Report on
Form 8-K, dated May 11, 2017 (the 8-K), and in its Form 12b-25,
dated May 11, 2017 (the 12b-25 and, together with the 8-K, the
Prior Filings), Ballantyne Strong, Inc. (the Company) has not
timely filed with the U.S. Securities and Exchange Commission
(the SEC) its quarterly report on Form 10-Q for the quarter ended
March 31, 2017 (the Form 10-Q), pending the completion of a
review and restatement of its consolidated financial statements
for the year ended December 31, 2016. As disclosed in the Prior
Filings, the Company, in consultation with its independent
registered public accounting firm, BDO USA, LLP, has been working
diligently to complete the steps necessary in order to file its
Form 10-Q as soon as practicable.
As a result of the delayed Form 10-Q filing, the Company received
a letter from the NYSE MKT stock exchange on May 18, 2017,
indicating that the Company is not in compliance with NYSE MKTs
continued listing requirements under the timely filing criteria
outlined in Sections 134 and 1101 of the NYSE MKT Company Guide.
The letter states that the Company must submit a plan by June 19,
2017 advising of actions it has taken or will take to regain
compliance with the continued listing standards by November 20,
2017, and if the Company fails to submit a plan or the plan is
not accepted, delisting proceedings will commence. The letter
states that if the Company fails to regain compliance with the
NYSE MKT rules prior to the compliance deadline, or fails to make
progress consistent with the plan during the plan period, NYSE
MKT staff will immediately reassess the Companys continued
listing.
The Company can regain compliance with the NYSE MKT listing
standards at any time through November 20, 2017 by filing its
Form 10-Q with the SEC. As previously disclosed, the Company
intends to file the Form 10-Q promptly after the restatement is
complete. Upon making such filing, the Company expects to again
be in compliance with the continued listing requirements of NYSE
MKT.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
99.1 Press Release, dated May 22, 2017, issued by the Company.
About BALLANTYNE STRONG, INC. (NYSEMKT:BTN)
Ballantyne Strong, Inc. is a holding company. The Company’s business activities focus on serving the cinema, retail, financial and government markets. The Company and its subsidiaries design, integrate and install technology solutions for a range of applications; develop and deliver out-of-home messaging, advertising and communications; manufacture projection screens, and provide managed services, including monitoring of networked equipment to its customers. The Company operates through two segments: Cinema and Digital Media. Its Cinema operations include the sale of digital projection equipment, screens and sound systems. Its Digital Media operations include the delivery of end-to-end digital signage solutions, video communication solutions, content creation, and management and service of digital signage and digital cinema equipment. The Company’s products are distributed to the retail, financial, government and cinema markets throughout the world. BALLANTYNE STRONG, INC. (NYSEMKT:BTN) Recent Trading Information
BALLANTYNE STRONG, INC. (NYSEMKT:BTN) closed its last trading session up +0.05 at 6.10 with 6,975 shares trading hands.
