Image Entertainment, Inc. (Nasdaq: DISK), a leading independent
licensee and distributor of home entertainment programming in North
America, reported today that it received Nasdaq Staff Deficiency
Letters on September 15, 2009. The first letter indicated that the
Company failed to comply with the minimum market value of publicly
held shares ("MVPHS") requirement for continued listing on The
Nasdaq Global Market set forth in Listing Rules 5450(b)(2)(C) and
5450(b)(3)(C). The second letter indicated that the Company failed
to comply with the minimum bid price requirement for continued
listing on The Nasdaq Global Market set forth in Listing Rule
5450(a)(1). The Company's common stock will continue to trade on
The Nasdaq Global Market under the symbol DISK as the deficiency
letters have no effect at this time on the Company's listing on The
Nasdaq Global Market.
The Company has 90 calendar days, or until December 14, 2009, to
regain compliance with the MVPHS continued listing requirement. To
regain compliance with the MVPHS continued listing requirement, the
MVPHS of the Company's common stock must be $15,000,000 or more for
10 consecutive trading days at any time before December 14, 2009.
If compliance is not demonstrated by December 14, 2009, the staff
of The Nasdaq Stock Market Listing Qualifications Department (the
"Staff") will provide written notification that the Company's
common stock will be delisted from The Nasdaq Global Market. If the
Company receives a delisting notice, it may appeal the Staff's
determination to a Listing Qualifications Panel. Further, the
Company may apply to transfer its common stock to The Nasdaq
Capital Market so long as it satisfies the continued inclusion
requirements for that market. If the Company submits a transfer
application and pays the applicable listing fees by December 14,
2009, the initiation of any delisting proceedings will be stayed
pending the Staff's review of the application. If the Staff does
not approve the Company's transfer application, the Staff will
provide written notification that its common stock will be
delisted.
The Company has 180 calendar days, or until March 15, 2010, to
regain compliance with the minimum bid price continued listing
requirement. To regain compliance with the minimum bid price
continued listing requirement, the bid price of the Company's
common stock must close at $1.00 per share or more for a minimum of
ten consecutive business days. The Staff may, in its discretion,
require the Company's common stock to maintain a bid price of at
least $1.00 per share for a period in excess of ten consecutive
business days, but generally no more than 20 consecutive business
days, before determining that the Company has demonstrated an
ability to maintain long-term compliance. If compliance is not
demonstrated by March 15, 2010, the Staff will provide written
notification that the Company's common stock is subject to
delisting. If the Company receives a delisting notice, it may
appeal the Staff's determination to a Listing Qualifications Panel.
Alternatively, the Company may be eligible for an additional grace
period if it meets the initial listing standards, with the
exception of bid price, for The Nasdaq Capital Market. To avail
itself of this alternative, the Company will need to submit an
application to transfer its securities to The Nasdaq Capital
Market.
The Company intends to actively monitor the MVPHS for its common
stock between now and December 14, 2009, and will consider
available options to resolve the deficiency and regain compliance
with the MVPHS requirement. If the Company does not regain
compliance with the MVPHS requirement prior to December 14, 2009,
it will apply to transfer its common stock to The Nasdaq Capital
Market or appeal any delisting notice. The Company also intends to
actively monitor the bid price for its common stock between now and
March 15, 2010, and will consider available options to resolve the
deficiency and regain compliance with the bid price
requirement.
“If we do not regain compliance with MVPHS continued listing
requirements for The Nasdaq Global Market prior to December 14,
2009 we will apply to transfer our common stock to The Nasdaq
Capital Market or appeal any delisting notice," stated Jeff Framer,
Image's President and Chief Financial Officer.
About Image Entertainment:
Image Entertainment, Inc. is a leading independent licensee and
distributor of entertainment programming in North America, with
approximately 3,200 exclusive DVD titles and approximately 340
exclusive CD titles in domestic release and approximately 400
programs internationally via sublicense agreements. For many of its
titles, the Company has exclusive audio and broadcast rights and,
through its subsidiary, Egami Media, Inc. has digital download
rights to approximately 2,000 video programs and over 300 audio
titles containing more than 5,100 individual tracks. The Company is
headquartered in Chatsworth, California. For more information about
Image Entertainment, Inc., please go to
www.image-entertainment.com.
Forward-Looking Statements:
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
relating to, among other things, the Company’s goals, plans and
projections regarding the Company’s Nasdaq listing, financial
position, results of operations, market position, product
development and business strategy. These statements may be
identified by the use of words such as “will,” “may,” “estimate,”
“expect,” “intend,” “plan,” “believe,” and other terms of similar
meaning in connection with any discussion of future operating or
financial performance or other events or developments. All
forward-looking statements are based on management’s current
expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them,
and could cause actual outcomes and results to differ materially
from current expectations.
These factors include, but are not limited to, (a) the Company’s
ability to continue as a going concern, (b) the Company’s ability
to secure media content on acceptable terms, (c) the Company’s
ability to service it’s principal and interest obligations on it’s
outstanding debt or otherwise renegotiate or refinance such
outstanding debt, (d) the ability of the Company’s common stock to
continue to satisfy Nasdaq continued listing standards and to
continue trading on Nasdaq, (e) changes in the retail DVD and
digital media and entertainment industries, (f) changes in the
Company’s business plan, (g) the Company’s limited working capital
and the Company’s inability to raise additional working capital on
acceptable terms or at all, (h) the Company’s ability to borrow
against the Company’s revolving line of credit, (i) heightened
competition, including with respect to pricing, entry of new
competitors, the development of new products by new and existing
competitors, (j) changes in general economic conditions, including
the performance of financial markets and interest rates, (k)
difficult, adverse and volatile conditions in the global and
domestic capital and credit markets, (l) claims that the Company
infringed other parties’ intellectual property, (m) changing public
and consumer taste and changes in customer spending patterns, (n)
decreasing retail shelf space for the Company’s industry, (o) the
performance of business partners upon whom the Company depends
upon, (p) changes in accounting standards, practices or policies,
(q) adverse results or other consequences from litigation,
arbitration or regulatory investigations, and (r) further sales or
dilution of the Company’s equity, which may adversely affect the
market price of the Company’s common stock.
For further details and a discussion of these and other risks
and uncertainties, see “Forward-Looking Statements” and “Risk
Factors” in the Company’s most recent Annual Report on Form 10-K,
and the Company’s most recent Quarterly Reports on Form 10-Q. Many
of the factors that will determine the outcome of the subject
matter of this press release are beyond Image Entertainment’s
ability to control or predict. Actual results for the periods
identified may differ materially from management’s expectations.
Unless otherwise required by law, the Company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Image Entertainment (NASDAQ:DISK)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Image Entertainment (NASDAQ:DISK)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
