Dolphin Entertainment Faces Nasdaq Delisting Risk
Ticker: DLPN · Form: 8-K · Filed: Nov 8, 2024 · CIK: 1282224
Sentiment: bearish
Topics: delisting, listing-standards, compliance
Related Tickers: DLPN
TL;DR
DLPN might get kicked off Nasdaq, need to check if they fix it.
AI Summary
Dolphin Entertainment, Inc. filed an 8-K on November 8, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company is facing potential delisting from the Nasdaq Capital Market due to not meeting certain continued listing standards. The filing also includes financial statements and exhibits.
Why It Matters
This filing indicates potential delisting from a major stock exchange, which could significantly impact the company's stock liquidity and investor confidence.
Risk Assessment
Risk Level: high — The company has received a notice of delisting or failure to satisfy continued listing rules, indicating a significant risk to its stock market presence.
Key Players & Entities
- Dolphin Entertainment, Inc. (company) — Registrant
- Nasdaq Capital Market (company) — Stock Exchange
- November 6, 2024 (date) — Earliest event reported
- November 8, 2024 (date) — Filing date
FAQ
What specific continued listing rule(s) has Dolphin Entertainment failed to satisfy?
The filing states that Dolphin Entertainment, Inc. received a notice of delisting or failure to satisfy a continued listing rule or standard, but the specific rule(s) are not detailed in the provided text.
What is the exact date of the notice of delisting?
The filing reports the earliest event as November 6, 2024, which is when the notice of delisting or failure to satisfy a continued listing rule or standard was likely issued or received.
What is the company's ticker symbol?
The ticker symbol is not explicitly stated in the provided text, but the company name is Dolphin Entertainment, Inc.
What is the company's state of incorporation?
Dolphin Entertainment, Inc. is incorporated in Florida.
What are the company's primary business activities?
The company is classified under Standard Industrial Classification code 7200, which is SERVICES-PERSONAL SERVICES.
Filing Stats: 801 words · 3 min read · ~3 pages · Grade level 13.4 · Accepted 2024-11-08 17:21:00
Key Financial Figures
- $0.015 — ge on which registered Common Stock , $0.015 par value per share DLPN The Nasdaq
Filing Documents
- dlpn_8k.htm (8-K) — 28KB
- 0001079973-24-001487.txt ( ) — 198KB
- dlpn-20241106.xsd (EX-101.SCH) — 3KB
- dlpn-20241106_lab.xml (EX-101.LAB) — 33KB
- dlpn-20241106_pre.xml (EX-101.PRE) — 22KB
- dlpn_8k_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing On November 6, 2024, Dolphin Entertainment, Inc. (the " Company ") received a letter (the " Letter ") from the Listing Qualifications staff (the " Staff ") of the Nasdaq Stock Market LLC (" Nasdaq ") notifying the Company that the Staff has determined that the Company violated Nasdaq's voting rights rule set forth in Listing Rule 5640 (the " Voting Rights Rule ") due to the Company's filing of shareholder-approved amendments to the Company's articles of incorporation modifying the terms of the Company's Series C Convertible Preferred Stock (the " Series C ") to increase the number of votes per share of common stock the Series C is convertible into (i) from three votes per share to five votes per share, filed on September 29, 2022 (the " 2022 Amendment ") and (ii) from five votes per share to ten votes per share, filed on September 25, 2024 (the " 2024 Amendment " and, together with the 2022 Amendment, the " Amendments "). The 2022 Amendment and 2024 Amendment were previously disclosed on Current Reports on Form 8-K filed by the Company on September 29, 2022 and September 27, 2024, respectively. On October 31, 2024, the Company submitted a plan to regain compliance to the Staff in which the Company proposed to amend the Certificate of the Series C to decrease the voting rights of the Series C to the original voting power of three votes per share of common stock (the " Proposed Amendment "). The Company notified Nasdaq that it plans to call a special meeting of shareholders for the purpose of voting on the Proposed Amendment and expects to file the Proposed Amendment with the office of the Secretary of the State of Florida on or before February 28, 2025 (the " Compliance Date "). As such, based on the Company's submission, the Staff notified the Company in the Letter that it has determined to grant the Company an extension of time to regain compliance with
01. Financial
Item 9.01. Financial (d) Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DOLPHIN ENTERTAINMENT, INC. Date: November 8, 2024 By: /s/ Mirta A. Negrini Mirta A. Negrini Chief Financial and Operating Officer