Cineverse Corp. Faces Delisting Concerns
Ticker: CNVS · Form: 8-K · Filed: Jul 12, 2024 · CIK: 1173204
Sentiment: bearish
Topics: delisting, listing-rules, compliance
Related Tickers: CNVS
TL;DR
CNVS might get kicked off Nasdaq, stock could tank.
AI Summary
Cineverse Corp. (formerly Cinedigm Corp.) filed an 8-K on July 12, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates potential issues with meeting Nasdaq's continued listing requirements, which could lead to a transfer of listing or delisting from the exchange.
Why It Matters
This filing signals potential financial distress or non-compliance with exchange rules, which could significantly impact the company's stock value and investor confidence.
Risk Assessment
Risk Level: high — The filing explicitly states a notice of delisting or failure to satisfy continued listing rules, indicating a significant risk to the company's exchange status.
Key Numbers
- 001-31810 — SEC File Number (Identifies the company's filing history with the SEC.)
- 22-3720962 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Cineverse Corp. (company) — Registrant
- Cinedigm Corp. (company) — Former company name
- Nasdaq (company) — Exchange where listing is potentially at risk
- 20240710 (date) — Date of earliest event reported
- 212-206-8600 (phone_number) — Registrant's telephone number
FAQ
What specific listing rule or standard has Cineverse Corp. failed to satisfy?
The filing does not specify the exact rule or standard that Cineverse Corp. has failed to satisfy, only that a notice has been received.
What is the earliest event date reported in this 8-K filing?
The earliest event date reported is July 10, 2024.
What was Cineverse Corp.'s former company name?
Cineverse Corp.'s former company name was Cinedigm Corp.
What is the principal executive office address for Cineverse Corp.?
The address is 224 W. 35th Street, Suite 500, #947, New York, NY 10001.
What is the filing date of this 8-K report?
This 8-K report was filed on July 12, 2024.
Filing Stats: 613 words · 2 min read · ~2 pages · Grade level 12.8 · Accepted 2024-07-12 16:50:09
Key Financial Figures
- $0.001 — mpany's Class A common stock, par value $0.001 per share (the "Common Stock"), for the
- $1 — ment to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listi
Filing Documents
- cnvs-20240710.htm (8-K) — 38KB
- 0000950170-24-083250.txt ( ) — 152KB
- cnvs-20240710.xsd (EX-101.SCH) — 27KB
- cnvs-20240710_htm.xml (XML) — 5KB
01
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On July 10, 2024, Cineverse Corp. (the "Company") received a letter (the "Bid Price Notice") from the Listing Qualifications staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, based upon the closing bid price of the Company's Class A common stock, par value $0.001 per share (the "Common Stock"), for the last 30 consecutive business days, the Company no longer meets the requirement to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2). The Bid Price Notice does not result in the immediate delisting of the Common Stock from the Nasdaq Capital Market. The Company actively monitors the price of the Common Stock and will continue to work toward regaining compliance with the continued listing standards. In accordance with Nasdaq Listing Rules 5810(c)(3)(A), the Company has been provided a period of 180 calendar days, or until January 6, 2025, in which to regain compliance with the deficiency. In order to regain compliance with the minimum bid price requirement, the closing bid price of the Common Stock must be at least $1 per share for a minimum of ten consecutive business days during this 180-day period. If the Company does not regain compliance with this requirement by January 6, 2025, the Company may be eligible for an additional 180 calendar day compliance period provided that it meets certain continued listing standards, and provides the Staff with written notice of its intention to cure the deficiency. SIGNATURE Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: July 12, 2024 By: /s/ Gary S. Loffredo Name: Gary S. Loffredo Title: Chief Legal Officer, Secretary and Senior Advisor