Chicken Soup for the Soul Entertainment Receives Delinquency Letter from Nasdaq
April 24 2024 - 5:05PM
Business Wire
Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE,
CSSEP, CSSEL, CSSEN) (the “Company”), one of the largest providers
of premium content to value-conscious consumers, today announced
that on April 18, 2024, the Company received a letter (the
“Delinquency Letter”) from The Nasdaq Stock Market (“Nasdaq”)
informing the Company that its securities may be delisted from the
Nasdaq Capital Market due to the fact the Company’s Annual Report
on Form 10-K for fiscal year ended December 31, 2023 had not been
filed yet. Under Nasdaq rules, a company that receives a delist
determination for such a delinquency can request an appeal to a
Nasdaq hearings panel (a “Hearings Panel”) pursuant to the
procedures set forth in the Nasdaq Listing Rule 5800 Series. A
request for a hearing regarding a delinquent filing will stay the
suspension of the Company’s securities only for a period of 15 days
from the date of the request. The Company has until April 25, 2024,
to request a stay of the suspension, pending a Hearings Panel
decision. The Company intends to request a stay of the suspension.
Additionally, the Company has remedied its noncompliance with
respect to the delinquency by filing its 2023 Annual Report on Form
10-K on April 19, 2024. Additionally, the Company is currently
undertaking efforts to remedy its noncompliance with other Nasdaq
rules as discussed in Current Reports on Form 8-K (filed with the
SEC on March 29, 2024) and has an appeals hearing scheduled May 21,
2024 to address its future compliance.
About Chicken Soup for the Soul Entertainment
Chicken Soup for the Soul Entertainment provides premium content
to value-conscious consumers. The company is one of the largest
advertising-supported video-on-demand (AVOD) companies in the US,
with three flagship AVOD streaming services: Redbox, Crackle, and
Chicken Soup for the Soul. In addition, the company operates Redbox
Free Live TV, a free ad-supported streaming television service
(FAST), with nearly 170 FAST channels as well as a transaction
video on demand (TVOD) service, and a network of approximately
27,800 kiosks across the US for DVD rentals. To provide original
and exclusive content to its viewers, the company creates,
acquires, and distributes films and TV series through its Screen
Media and Chicken Soup for the Soul TV Group subsidiaries.
Forward-Looking Statements and Available Information
This press release includes forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements are statements that are not historical facts. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of management and are not predictions of actual performance. Such
assumptions involve a number of known and unknown risks and
uncertainties, including but not limited to risks relating to our
core strategy, operating income and margin, seasonality, liquidity,
including cash flows from operations, available funds, and access
to financing sources, free cash flows, revenues, net income,
profitability, stock price volatility, future regulatory changes,
price changes, ability to achieve and sustain market acceptance of
our content streaming services and other content offerings, ability
to recruit and retain officers, key employees, or directors,
ability to protect our intellectual property, ability to complete
and integrate into our existing operations future strategic
acquisitions, ability to manage growth, ability to pay dividends
and our debt obligations, as well as evolving regulatory or other
operational risks, and risks presented by changing general market
conditions impacting demand for our services. For a more complete
description of these and other risks and uncertainties, please
refer to Item 1A (Risk Factors) in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023 filed with the SEC
on April 19, 2024, and our subsequent periodic financial reports
filed with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by the forward-looking statements
contained in this press release.
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INVESTOR RELATIONS Zaia Lawandow Chicken Soup for the
Soul Entertainment Zlawandow@chickensoupforthesoul.com
MEDIA Peter Binazeski Chicken Soup for the Soul
Entertainment Corporate pbinazeski@chickensoupforthesoul.com
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