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Grom Social Enterprises Inc (NASDAQ: GROM) is a dynamic social media, technology, and entertainment company dedicated to producing original content for children under 13. The company's mission is to provide safe, secure, and engaging digital environments for kids, where they can interact, learn, and be entertained under the watchful eyes of their parents or guardians.
Founded in 2012 by the Marks Family, Grom Social started as a website offering a secure social media platform for kids. Today, it has evolved into a comprehensive mobile app that features animated characters, interactive charts, videos, blogs, and games. Grom Social Enterprises operates through three primary business segments:
- Animation: This segment includes Top Draw Animation (TDA), an award-winning studio based in Manila, Philippines. TDA produces high-quality animation content for global media companies and is known for its cost-effective production reinforced by government tax incentives.
- Original Content: Curiosity Ink Media (CIM) falls under this category, a global media company that develops, acquires, and maximizes the commercial potential of kids' and family entertainment properties. CIM's portfolio includes upcoming productions like the feature film Santa.com and the preschool series Hey Fuzzy Yellow!.
- Social & Technology: This segment encompasses Grom Social (GSOC) and Grom Educational Services (GEDU). GSOC focuses on delivering a safe social media experience for kids, complete with augmented reality features and stringent safety protocols. GEDU offers web filtering solutions for K-12 schools, government, and private businesses through its NetSpective web filter.
In recent news, Grom Social has updated its app to feature enhanced safety measures, including a new parent-child video verification process and advanced AR technology. The company also announced its intent to acquire Arctic7, a gaming and virtual production company, aiming to expand its entertainment offerings and delve into the lucrative gaming market.
Led by CEO Darren Marks and President Paul Ward, Grom Social continues to innovate and grow, making significant strides in creating a safer digital world for kids. The company is committed to educating children about digital citizenship while offering a fun and engaging online experience.
For more information, visit Grom Social or for investor relations, please visit Grom Investors.
Grom Social Enterprises, Inc. (NASDAQ:GROM) has successfully closed a private placement, raising $4.4 million through a 10% Original Issue Discount convertible note with an 18-month maturity. The principal amount is $4,400,000, convertible at $4.20 per share. Additionally, the company issued warrants for 813,278 shares at the same conversion price. Grom plans to utilize the net proceeds for working capital, joint ventures, acquisitions, and corporate purposes. Shareholders must approve the warrant issuance before they can be exercised.
Grom Social Enterprises has appointed Jared Wolfson as the new Chief Executive Officer for Curiosity Ink Media and Executive Vice President for Top Draw Animation. With over 20 years of experience in media marketing, Wolfson aims to enhance Grom's original content strategy and strengthen Top Draw Animation's global profile. His previous role at JAKKS Pacific involved overseeing various multimedia initiatives. Under his leadership, Curiosity plans to introduce new kids' entertainment properties, including animated series and publishing partnerships. This move signals Grom's commitment to expanding its Kids & Family entertainment portfolio.
Grom Social Enterprises, Inc. (NASDAQ:GROM) announces the retirement of Wayne Dearing, Managing Director of Top Draw Animation, after a 40-year career in animation. Dearing has led Top Draw for 22 years, which produces extensive animated content for global clients like Netflix and Nickelodeon. Russell Hicks, former Nickelodeon President, will take over as the new leader of Top Draw and serve as Chief Content Officer for Grom’s recently acquired Curiosity Ink Media. This change is expected to position Grom for continued success in animation.
Grom Social Enterprises, Inc. (NASDAQ: GROM) has appointed digital marketing expert Pete Jacobs as a consultant for its upcoming Santa.com launch. Set to debut in November, Santa.com aims to be a digital hub for holiday entertainment and shopping. Jacobs brings experience from MELT Method and Digital Trends, where he enhanced digital marketing strategies. The Santa.com platform will include features like wish list registration and virtual Santa visits, supported by an animation partnership with Toon2Tango.
Grom Social Enterprises (NASDAQ: GROM) announced the acquisition of 80% equity in Curiosity Ink Media LLC, a content developer for kids and families. The deal, expected to close by mid-August 2021, positions Grom to enhance its offerings in brand-safe social media and animation production. Key executive Brent Watts will remain as Chief Creative Officer, leading Curiosity's integration and content strategy. This acquisition aims to leverage Curiosity's original IP and assets for growth, bringing new initiatives and projects to market.
Grom Social Enterprises, Inc. reports a significant surge in app downloads, driven by Olympic surfer Caroline Marks. Following her participation in the Tokyo 2021 Summer Olympics, Grom Social attracted over 5,000 new users in one weekend. Grom Social is tailored for kids under 13, offering a monitored platform that ensures safety and privacy, adhering to Children's Online Privacy Protection Act guidelines. The company emphasizes parental involvement and engagement, alongside its original content and educational services.
Grom Social Enterprises (NASDAQ: GROM) will present at the Emerging Growth Conference on July 21, 2021, at 2:30 PM ET. This interactive online event offers shareholders and the investment community a chance to engage with CEO Darren Marks and President Paul Ward. The presentation will last for 30 minutes, and attendees can ask questions during the session. If unable to attend live, an archived webcast will be available afterward. Grom is focused on providing a safe social media platform for children under 13, supporting digital citizenship through its various services.
Grom Social Enterprises (NASDAQ: GROM) announced the full exercise of an over-allotment option for an additional 361,445 shares in its public offering, raising total gross proceeds to approximately $11.5 million. The offering involved a total of 2,711,084 units sold at $4.15 each, consisting of common stock and warrants. Each warrant allows purchasing one share at $4.565, expiring in five years. EF Hutton was the book-running manager, with SEC clearance obtained on June 16, 2021.
Grom Social Enterprises, Inc. (NASDAQ: GROM) announced its subsidiary, Top-Draw Animation (TDA), secured $1.7 million in new business, raising its backlog to $8 million. Alongside this, Grom made a one-time payment of $800k to eliminate $33k in monthly payments. By transitioning some staff to remote work, TDA reduced office space needs by nearly 7,000 square feet, resulting in an additional $100k in annual savings. This announcement coincides with Grom's ongoing acquisition of Curiosity Ink Media and the onboarding of Russell Hicks as Chief Content Officer.
Grom Social Enterprises (NASDAQ: GROM) announced the launch of Caroline Going for the Gold Week, a weeklong celebration featuring Olympic surfer Caroline Marks. From July 26-30, Marks will share over 36 pieces of exclusive content on Grom Social, providing insights into her Olympic journey, surfing tips, and interactive games for kids. As Grom's lead influencer, Marks aims to promote internet safety and physical fitness among children, inspired by her brother Zach's initiative to create a safe social media platform for kids.
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