Evine Live Inc. Becomes iMedia Brands, Inc.
July 16 2019 - 8:03AM
iMedia Brands, Inc. (NASDAQ: IMBI) announced today the Company’s
name change from Evine Live Inc. (NASDAQ: EVLV) to iMedia Brands,
Inc. is complete. In addition, the Company announced that on
July 17th its common stock will be transferred from the Nasdaq
Global Select Market to the Nasdaq Capital Market and its shares
will begin to trade under the symbol “IMBI” at the opening of
business on July 17, 2019.
Tim Peterman, CEO of iMedia Brands, Inc., said,
“This is an exciting time for our company. With our growing
portfolio of leading television and web service offerings, it
became clear we needed our company name to better represent our
growth strategy of building additional leading niche entertainment
and shopping destinations in all forms of media that will engage
our customers imagination.”
About the Transfer to Nasdaq Capital
Market
The Company is now being afforded an additional
180-day grace period, or until January 12, 2020, to regain
compliance with the Nasdaq's minimum bid price requirement. In
order to regain compliance, the minimum bid price per share of its
common stock must be at least $1.00 for at least ten consecutive
business days during the additional 180-day grace period. If the
Company fails to regain compliance during this grace period, the
common stock will be subject to delisting by Nasdaq. The Company
has provided written notice of its intention to cure the minimum
bid price deficiency during the second grace period by effecting a
reverse stock split, if necessary.
About iMedia Brands, Inc.
iMedia Brands, Inc. (NASDAQ: IMBI) is a global
interactive media company that manages a growing portfolio of
niche, lifestyle television networks and web service businesses,
primarily in North America, for both English speaking and soon
Spanish speaking audiences and customers. Its brand portfolio
spans multiple business models and product categories and includes
ShopHQ, iMedia Web Services and soon to be launched Bulldog
Shopping Network and LaVenta Shopping Network.
Please visit www.imediabrands.com for more
investor information.
Contacts Media: Elizabeth Buhn
press@imediabrands.com (952) 943-6646
Investors: Michael Porter mporter@imediabrands.com
(952) 943-6517
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This document may contain certain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Any statements contained
herein that are not statements of historical fact, including
statements regarding expected change in stock market listing,
change in ticker symbol, a potential reverse stock split and
expectations about future niche advertising and eCommerce
offerings, are forward-looking. The Company often use words such as
anticipates, believes, estimates, expects, intends, seeks,
predicts, hopes, should, plans, will and similar expressions to
identify forward-looking statements. These statements are based on
management's current expectations and accordingly are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from the expectations contained herein due to various
important factors, including (but not limited to): certain required
approvals of the Nasdaq Stock Market and the board of directors,
costs and execution of a niche advertising and eCommerce strategy,
variability in consumer preferences, shopping behaviors, spending
and debt levels; the general economic and credit environment;
interest rates; seasonal variations in consumer purchasing
activities; the ability to achieve the most effective product
category mixes to maximize sales and margin objectives; competitive
pressures on sales and sales promotions; pricing and gross sales
margins; the level of cable and satellite distribution for the
Company’s programming and the associated fees or estimated cost
savings from contract renegotiations; the Company’s ability to
establish and maintain acceptable commercial terms with third-party
vendors and other third parties with whom the Company has
contractual relationships, and to successfully manage key vendor
and shipping relationships and develop key partnerships and
proprietary and exclusive brands; the ability to manage operating
expenses successfully and the Company’s working capital levels; the
ability to remain compliant with the Company’s credit facilities
covenants; customer acceptance of the Company’s branding strategy
and its repositioning as a video commerce company; the ability to
respond to changes in consumer shopping patterns and preferences,
and changes in technology and consumer viewing patterns; changes to
the Company’s management and information systems infrastructure;
challenges to the Company’s data and information security; changes
in governmental or regulatory requirements; including without
limitation, regulations of the Federal Communications Commission
and Federal Trade Commission, and adverse outcomes from regulatory
proceedings; litigation or governmental proceedings affecting the
Company’s operations; significant events (including disasters,
weather events or events attracting significant television
coverage) that either cause an interruption of television coverage
or that divert viewership from its programming; disruptions in the
Company’s distribution of its network broadcast to customers; the
Company’s ability to protect its intellectual property rights; our
ability to obtain and retain key executives and employees; the
Company’s ability to attract new customers and retain existing
customers; changes in shipping costs; expenses related to the
actions of activist or hostile shareholders; the Company’s ability
to offer new or innovative products and customer acceptance of the
same; changes in customer viewing habits of television programming;
and the risks identified under Item 1A(Risk Factors) in the
Company’s most recently filed Form 10-K and any additional risk
factors identified in its periodic reports since the date of such
Form 10-K. More detailed information about those factors is set
forth in the Company’s filings with the Securities and Exchange
Commission, including its annual report on Form 10-K, quarterly
reports on Form 10-Q, and current reports on Form 8-K. Investors
are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date of this announcement.
the Company’s is under no obligation (and expressly disclaim any
such obligation) to update or alter its forward-looking statements
whether as a result of new information, future events or
otherwise.
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