Cinedigm Corp. (NASDAQ:CIDM) 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 |
As previously disclosed on June 29, 2016, the Company received a
notice on June 23, 2016, from the Listing Qualifications staff of
The NASDAQ Stock Market LLC (Nasdaq) indicating that the Company
no longer met the requirement to maintain a minimum market value
of publicly held shares (MVPHS) of $15,000,000, as set forth in
Nasdaq Listing Rule 5450(b)(2)(C) (the Rule).
In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company
was provided a period of 180 calendar days, or until December 20,
2016, to regain compliance with the Rule, during which time the
Company’s MVPHS must have been at least $15,000,000 for a
minimum of ten consecutive business days.
The Company was unable to regain compliance with the Rule by
December 20, 2016. Accordingly, on December 22, 2016, the Company
received a letter from Nasdaq notifying it that the Companys
common stock would be delisted from The Nasdaq Stock Market on
January 3, 2017 unless the Company timely requested a hearing
before a Nasdaq Hearings Panel (the Panel).
Based on the foregoing, the Company has already requested a
hearing before the Panel at which it will present its plan of
compliance, which may include plans for strategic transactions
and issuances of common stock, and request a further extension of
time. The Panel has the discretion to grant the Company up to an
additional 180 calendar days from December 22, 2016 to regain
compliance. This request will automatically stay any delisting or
suspension action pending the issuance of a final decision by the
Panel and the expiration of any further extension granted by the
Panel.
Although there can be no assurance that the Panel will ultimately
grant an extension of the compliance period, the Company believes
that the extension will be granted. The Company is considering
the various available options if the Panel does not grant such an
extension.
About Cinedigm Corp. (NASDAQ:CIDM)
Cinedigm Corp. is a distributor and aggregator of independent movie, television and other short form content managing a library of distribution rights to a range of titles and episodes released across various platforms. The Company’s segments include the first digital cinema deployment (Phase I Deployment), the second digital cinema deployment (Phase II Deployment), digital cinema services (Services), and media content and entertainment group (Content & Entertainment). The Phase I Deployment and Phase II Deployment segments are the non-recourse, financing vehicles and administrators for its digital cinema equipment (the Systems) installed in movie theatres. The Services segment provides fee-based support to over 12,000 movie screens in its Phase I Deployment and Phase II Deployment segments. Its Content & Entertainment segment is engaged in ancillary market aggregation and distribution of entertainment content, and branded and curated over-the-top (OTT) digital network business. Cinedigm Corp. (NASDAQ:CIDM) Recent Trading Information
Cinedigm Corp. (NASDAQ:CIDM) closed its last trading session 00.00 at 1.38 with 68,678 shares trading hands.
