Loop Media, Inc. Announces Expected Uplist to NYSE American Exchange and Reverse Stock Split
Loop Media, Inc. (OTC: LPTV) will uplist to the NYSE American, with trading expected to commence around September 22, 2022. The uplisting is contingent upon meeting NYSE American requirements and SEC approval of its registration statement for a public offering. Additionally, the company plans a 1-for-3 reverse stock split effective at 4:01 PM ET on September 20, 2022, reducing shares from approximately 153.5 million to 51.2 million. Following the split, a temporary ticker symbol will be used until it trades under
- Uplisting to NYSE American could enhance stock visibility and credibility.
- Completion of the reverse stock split may position the stock for improved trading performance.
- Reverse stock split may signal underlying share price weakness.
- Uplisting is contingent on meeting regulatory requirements, introducing uncertainty.
Prior to the pricing of the Offering, Loop will consummate a reverse stock split of its outstanding shares of common stock on a 1-for-3 basis (the “Reverse Stock Split”). The Reverse Stock Split is expected to become effective around
Upon effectiveness of the Reverse Stock Split, every three shares of Loop’s common stock outstanding will be converted into one share of common stock, with any fractional shares rounded up to one whole share. Accordingly, the number of shares of common stock outstanding following the reverse stock split will be reduced from 153,539,596 shares to approximately 51,179,865 shares.
This communication does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About
Loop Media’s digital video content reaches thousands of consumers in OOH locations including bars/restaurants, office buildings, retail businesses, and on free, ad-supported TV platforms like Roku and at local gas stations on GSTV terminals and in 400,000 hotel rooms in over 1,300 hotels in
Loop is fueled by one of the largest and most important libraries that includes music videos, movie trailers and live performances. Loop Media’s non-music channels cover a multitude of genres and moods and include movie trailers, sports highlights, lifestyle and travel videos, viral videos and more. Loop Media’s streaming services generate revenue from advertising, sponsorships, integrated marketing and branded content from free-ad-supported-television (“FAST”) and from subscription offerings.
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Safe Harbor Statement and Disclaimer
This news release includes "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, Loop Media’s ability to compete in the highly competitive markets in which it operates, statements regarding Loop Media’s ability to develop talent and attract future talent, the success of strategic actions
View source version on businesswire.com: https://www.businesswire.com/news/home/20220919005273/en/
Loop Media Press Contact
PhillComm Global
Loop@phillcomm.global
Loop Media Investor Contact
Elevate IR
ir@loop.tv
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