JAKKS PACIFIC, INC. (NASDAQ:JAKK) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On January 7, 2019, the Company received a notice from NASDAQ that since the Company has not yet held an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year ended December 31, 2017, it is not in compliance with NASDAQ’s listing rules (Rule 5620(a)) for continued listing.
The Company has delayed its 2018 Annual Meeting in light of the previously announced continuing discussions with Meisheng Cultural Company Limited relating to its proposal to purchase sufficient newly issued shares of the Company’s common stock such that it would own 51% of the Company’s outstanding shares, including matters relating to closing conditions regarding the change in control provisions of key licensing agreements, and change in control and extension of maturities of the Company’s convertible senior notes and other indebtedness. The Company plans to hold its Annual Meeting as soon as practicable following resolution of these discussions and, in any event, plans to submit a plan to NASDAQ in a timely fashion to regain compliance with NASDAQ’s listing requirements.
About JAKKS PACIFIC, INC. (NASDAQ:JAKK)
JAKKS Pacific, Inc. is a multi-line, multi-brand toy company. The Company designs, produces, markets and distributes toys and related products, pet toys, consumables and related products, electronics and related products, kids indoor and outdoor furniture, and other consumer products. The Company operates through two business segments: traditional toys and electronics, and role play, novelty and seasonal toys. The traditional toys and electronics segment includes action figures, vehicles, playsets, plush products, dolls, accessories, electronic products, construction toys, infant and pre-school toys, foot to floor ride-on vehicles, wagons and pet products and related products. The role play, novelty and seasonal segment includes role play and dress-up products, novelty toys, seasonal and outdoor products, indoor and outdoor kids’ furniture and Halloween and everyday costume play.