iMedia Brands Receives Nasdaq Delisting Notice Following Chapter 11 Filing
July 06 2023 - 7:37PM
Business Wire
Global media company iMedia Brands, Inc. (the “Company” or
“iMedia”) (NASDAQ: IMBI, IMBIL) today announced that on June 29,
2023, it was notified by the Listing Qualifications Department of
The Nasdaq Stock Market (“Nasdaq”) that they had determined to
delist the Company’s common stock and its 8.5% Senior Notes due
2026 as a result of the Company’s commencement of voluntary
proceedings under Chapter 11 of the United States Bankruptcy Code.
Nasdaq informed the Company that trading in its common stock and
its 8.5% Senior Notes due 2026 will be suspended at the opening of
business on July 10, 2023.
The Company voluntarily filed petitions for relief under Chapter
11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the
District of Delaware on June 28, 2023, to continue pursuing
strategic alternatives. The company will be continuing its
prepetition sale process under Chapter 11 protection.
As previously disclosed, the Company received notices from
Nasdaq on May 3, 2023, and June 16, 2023, regarding its
non-compliance under Listing Rule 5250(c)(1) as the Company was
delinquent in filing its Form 10-K and Form 10-Q reports for the
year ended January 28, 2023, and quarter ended April 29, 2023,
respectively, as required.
Due to the court proceedings, the Company has suspended its
earnings calls and future investor conference participation. iMedia
will use its SEC filings and press releases for its updates for the
foreseeable future.
About iMedia Brands, Inc.
iMedia Brands, Inc. (NASDAQ: IMBI, IMBIL) is a global media
company capitalizing on the convergence of entertainment,
ecommerce, and advertising. The Company owns and operates four
television networks, which are ShopHQ, ShopBulldogTV, ShopHQHealth
and 123tv. ShopHQ, the company’s flagship television network with a
thirty-year history, is nationally distributed in the U.S. to over
90 million homes via its affiliation agreements in cable,
satellite, and broadcast, and reach viewers through its social
platforms and its OTT App on Roku, Apple TV, Amazon Fire and
Samsung Smart-televisions.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This document contains 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 are forward-looking. The Company often uses words
such as anticipates, believes, estimates, expects, intends, seeks,
predicts, hopes, should, plans, will, or the negative of these
terms and similar expressions to identify forward-looking
statements, although not all forward-looking-statements contain
these words. 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): variability in consumer
preferences, shopping behaviors, spending and debt levels; the
general economic and credit environment, including COVID-19;
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; the
Company’s 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; logistics costs including the price of
gasoline and transportation; and the risks described from time to
time in the Company’s reports filed with the SEC, including, but
not limited to, the Company’s most recent 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 is under no obligation (and expressly
disclaims 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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version on businesswire.com: https://www.businesswire.com/news/home/20230706089705/en/
Investors: Ken Cooper kcooper@imediabrands.com (952)
943-6119 Media: C Street Advisory Group
imedia@thecstreet.com
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