08/21/2024 | Press release | Distributed by Public on 08/21/2024 15:16
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously reported, on August 8, 2024, Loop Media, Inc., a Nevada corporation (the "Company"), received notice from NYSE Regulation of the NYSE American LLC ("NYSE American") that it had suspended trading of the Company's common stock, and determined to commence proceedings to delist the Company's common stock from the NYSE American as a result of its determination that the Company is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low selling price of the Company's common stock. The Company had a right to a review of NYSE American's delisting determination; however, it has notified the NYSE American of its decision not to pursue such an appeal.
On August 15, 2024, the NYSE American filed with the SEC a Notification of Removal from Listing and/or Registration under Section 12(b) of the Exchange Act of 1934, as amended (the "Exchange Act"), on Form 25 in order to delist the Company's common stock from the NYSE American and deregister the Company's common stock under Section 12(b) of the Exchange Act. The Company anticipates that the delisting will be effective ten (10) days after the filing of the Form 25 and the deregistration of the Company's common stock under the Exchange Act will be effective ninety (90) days, or such shorter period as the SEC may determine, after the filing date of the Form 25.
The Company's common stock began trading under its trading symbol "LPTV" on the OTC Pink Market operated on the OTC Markets system on August 9, 2024, however, there can be no assurances that its common stock will continue to be traded on such market.
Forward-Looking Statements
This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements that are based upon management's current expectations, assumptions, estimates, projections and beliefs. The use of words such as, but not limited to, "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" and similar words or expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding the eligibility of the Company's common stock for quotation on the OTC Pink Market. These statements involve risks, uncertainties and other factors that may cause actual results or achievements to be materially different and adverse from those expressed in or implied by the forward-looking statements. Such risks and uncertainties include the risks and uncertainties, as well as the other factors, described in more detail in the Company's most recent Annual Report on Form 10-K and its subsequent filings with the SEC. The forward-looking statements contained herein speak only as of the date hereof, and the Company assumes no obligation to update any forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by law.