Santa Monica Media Corporation Receives Form 10-Q Delinquency Notice from Exchange
May 29 2009 - 10:00AM
Business Wire
Santa Monica Media Corporation (NYSE AMEX: MEJ.U) (NYSE AMEX:
MEJ) (NYSE AMEX: MEJ.WS) announced today that on May 21, 2009, the
Company received notice from the NYSE Amex LLC (�Exchange�)
indicating that it was below certain continued listing standards of
the Exchange, specifically that the Company had not filed its Form
10Q for the period ended March 31, 2009, as set forth in Sections
134 and 1101 of the Exchange�s Company Guide. In addition, the
Company�s failure to timely file this report is a material
violation of its listing agreement with the Exchange, and therefore
pursuant to Section 1003(d) of the Company Guide, the Exchange is
authorized to suspend, and unless prompt corrective action is
taken, remove the Company�s securities from the Exchange.
The notification from the Exchange indicates that the Company
has until June 4, 2009 to submit a plan advising the Exchange of
action it has taken, or will take, that would bring the Company
into compliance with all continued listing standards by August 29,
2009. Upon receipt of the Company�s plan, which the Company
anticipates filing with the Exchange prior to June 4, 2009
deadline, the Exchange will evaluate the plan and make a
determination as to whether the Company has made a reasonable
demonstration in the plan of an ability to regain compliance with
the continued listing standards, in which case the plan will be
accepted. If accepted, the Company will be able to continue its
listing. However, the Company will be subject to continued periodic
review by the Exchange�s staff to ensure appropriate progress is
made to meet the August 29, 2009 compliance deadline. If the
Company�s plan is not accepted, the Exchange could initiate
delisting procedures against the Company.
On May 15, 2009, the Company filed an amended preliminary proxy
with the SEC, indicating its intention, subject to the final
approval of the SEC and approval of shareholders at a meeting to be
held as soon as practicable, to liquidate the trust and distribute
the trust assets to its shareholders. Upon distribution of the
trust proceeds, the Company intends to voluntarily delist its stock
from trading on the Exchange. The SEC is currently reviewing the
amended preliminary proxy statement filed by the Company in this
regard.
Santa Monica Media Corporation is a blank check company
organized for the purpose of acquiring through a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination one or more operating businesses in
the communications, media, gaming and/or entertainment
industry.
This release contains forward-looking statements including
financial projections as to operating cost savings and the
Company�s plans. These forward-looking statements are not
historical facts but rather are based on current expectations and
projections about the Company and management�s beliefs and
assumptions. Words such as �may,� �will,� �anticipates,� �expects,�
�intends,� �plans,� �believes,� �seeks� and �estimates� and
variations of these words and similar expressions are intended to
identify forward-looking statements. The Company�s actual results
may differ materially from those projected in these forward-looking
statements as a result of a number of factors. Readers of this
release are cautioned not to place undue reliance on these
forward-looking statements.
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