Chicken Soup for The Soul Suspends Some Dividend Payments
10 Janeiro 2024 - 9:10PM
Dow Jones News
By Will Feuer
Chicken Soup for The Soul Entertainment said it is suspending
the payment of monthly cash dividends on its series A preferred
stock as the Redbox owner looks to preserve cash and lift its stock
price.
The company said in a securities filing that the suspension will
defer about $1.2 million in dividend payments each month.
Chicken Soup also said it plans to make a roughly $1.1 million
special payment on its notes due 2025. The company said that
represents all accrued and unpaid interest that was due and not
paid to the noteholders on the original interest payment due date
of Jan. 2.
The company has received notices from the Nasdaq that it is not
in compliance with listing rules because both its stock price and
market value are too low. The company's stock price has been
struggling since its 2022 takeover of DVD-rental kiosk company
Redbox, an acquisition that saddled Chicken Soup with debt.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 10, 2024 18:55 ET (23:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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