Entravision Communications Corporation Receives NYSE Notice Regarding Late Form 10-K Filing

Rhea-AI Summary

Entravision Communications Corporation (NYSE: EVC) announced it received a notice from the NYSE regarding non-compliance with listing requirements due to the late filing of its 2020 Annual Report on Form 10-K. The company cited unexpected delays in auditing financial statements related to its acquisition of Cisneros Interactive. Entravision has six months to file the Form 10-K and is working to complete it promptly. This delay follows a previous disclosure made in March 2021 and reflects the challenges associated with the company's expanding operations.

Positive

• Company is actively working to complete and file its Form 10-K.
• The delay is attributed to expansion efforts with the acquisition of Cisneros Interactive.

Negative

• Received a notice of non-compliance from the NYSE, which could impact stock performance.
• Delay in filing could lead to further scrutiny from regulators or investors.

Entravision Communications Corporation (NYSE: EVC) today announced that, as expected, on April 7, 2021 it received a notice from the New York Stock Exchange (the “NYSE”) that the Company was not in compliance with the NYSE’s continued listing requirements under the timely filing criteria established in Section 802.01E of the NYSE Listed Company Manual, because the Company did not timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (its “Form 10-K”) with the Securities and Exchange Commission (the “SEC”) on or prior to the due date thereof or by the extended filing due date provided by Rule 12b-25. Such notices are routinely issued by the NYSE when there are late filings with the SEC. The NYSE informed the Company that, under the NYSE’s rules, the Company has six months from March 31, 2021 to file its Form 10-K with the SEC.

As previously disclosed by the Company in its Form 12b-25 filed with the SEC on March 16, 2021, as a result of the Company’s expanding business operations, primarily related to the acquisition of a majority interest in a company that, collectively with its subsidiaries, does business under the name Cisneros Interactive, the Company has experienced unexpected delays in its completion of the audit of its financial statements for the year ended December 31, 2020.

The Company continues to work diligently to complete its audit and Form 10-K and currently anticipates the Form 10-K will be filed soon.

About Entravision Communications Corporation

Entravision is a diversified global media, marketing and technology company serving clients throughout the United States and in more than 20 countries across Latin America, Europe, and Asia. Entravision has 54 television stations and is the largest affiliate group of the Univision and UniMás television networks, and 48 Spanish-language radio stations that feature nationally recognized, award-winning talent. Our dynamic digital portfolio includes Entravision Digital, which serves SMBs in high-density U.S. Latino markets and provides cutting-edge mobile programmatic solutions and demand-side platforms that allow advertisers to execute performance campaigns using machine-learned bidding algorithms, along with Cisneros Interactive, a leader in digital advertising solutions in the Latin American and U.S. Hispanic markets representing major technology platforms. Shares of Entravision Class A Common Stock trade on The New York Stock Exchange under the ticker symbol: EVC. Learn more about all of our media, marketing and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.

Forward-Looking Statements

This press release contains certain forward-looking statements, including without limitation the Company’s current expectations and intentions with respect to the filing of its Form 10-K. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

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FAQ

What led to Entravision Communications receiving a notice from the NYSE?

Entravision received a notice due to the late filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

How long does Entravision have to file its Form 10-K after receiving the NYSE notice?

Entravision has six months from March 31, 2021, to file its Form 10-K.

What caused the delays in Entravision's financial reporting?

The delays were primarily related to the company's acquisition of a majority interest in Cisneros Interactive.

What is the significance of the Form 10-K for Entravision Communications?

The Form 10-K is crucial as it provides comprehensive financial information about the company, affecting investor confidence and stock performance.