MediaCo Holding Inc. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
MediaCo Holding Inc. (Nasdaq: MDIA) has received a deficiency notification from Nasdaq due to its delayed filing of the Q2 2024 Form 10-Q. The company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports. MediaCo has until October 21, 2024 to submit a compliance plan and until February 17, 2025 to regain compliance.
The delay in filing was due to matters described in the Form 12b-25. MediaCo intends to submit a compliance plan and work diligently to file the delayed report. The notice has no immediate effect on the listing of MediaCo's Class A common stock, which continues to trade on The Nasdaq Capital Market under the symbol MDIA.
MediaCo Holding Inc. (Nasdaq: MDIA) ha ricevuto una comunicazione di carenza da Nasdaq a causa del ritardo nel deposito del modulo 10-Q per il secondo trimestre del 2024. L'azienda non è in conformità con la Regola di Quotazione 5250(c)(1) di Nasdaq, che richiede la presentazione tempestiva dei rapporti periodici. MediaCo ha tempo fino al 21 ottobre 2024 per presentare un piano di conformità e fino al 17 febbraio 2025 per ripristinare la conformità.
Il ritardo nel deposito è stato causato da questioni descritte nel modulo 12b-25. MediaCo intende presentare un piano di conformità e lavorare diligentemente per depositare il rapporto in ritardo. La comunicazione non ha effetti immediati sulla quotazione delle azioni ordinarie di Classe A di MediaCo, che continuano a essere scambiate sul Nasdaq Capital Market con il simbolo MDIA.
MediaCo Holding Inc. (Nasdaq: MDIA) ha recibido una notificación de deficiencia de Nasdaq debido a su tardío depósito del Formulario 10-Q del segundo trimestre de 2024. La compañía no cumple con la Regla de Cotización 5250(c)(1) de Nasdaq, que requiere la presentación oportuna de informes periódicos. MediaCo tiene hasta el 21 de octubre de 2024 para enviar un plan de cumplimiento y hasta el 17 de febrero de 2025 para restablecer el cumplimiento.
El retraso en el depósito se debió a cuestiones descritas en el Formulario 12b-25. MediaCo tiene la intención de presentar un plan de cumplimiento y trabajar diligentemente para depositar el informe retrasado. La notificación no tiene efecto inmediato sobre la cotización de las acciones ordinarias de Clase A de MediaCo, que siguen negociándose en el Nasdaq Capital Market bajo el símbolo MDIA.
MediaCo Holding Inc. (Nasdaq: MDIA)는 2024년 2분기 10-Q 양식 제출 지연으로 인해 Nasdaq으로부터 결핍 통지를 받았습니다. 이 회사는 정기 보고서의 시기 적절한 제출을 요구하는 Nasdaq 상장 규칙 5250(c)(1)를 준수하지 않고 있습니다. MediaCo는 2024년 10월 21일까지 준수 계획을 제출하고 2025년 2월 17일까지 준수를 회복해야 합니다.
제출 지연은 12b-25 양식에 설명된 문제로 인해 발생했습니다. MediaCo는 준수 계획을 제출하고 지연된 보고서를 제출하기 위해 열심히 노력할 계획입니다. 이 통지는 MediaCo의 클래스 A 보통주의 상장에 즉각적인 영향을 미치지 않으며, 계속해서 MDIA 기호로 Nasdaq 자본 시장에서 거래됩니다.
MediaCo Holding Inc. (Nasdaq: MDIA) a reçu une notification de carence de Nasdaq en raison de son dépôt tardif du formulaire 10-Q du deuxième trimestre 2024. La société ne respecte pas la règle d'inscription 5250(c)(1) de Nasdaq, qui exige le dépôt ponctuel des rapports périodiques. MediaCo a jusqu'au 21 octobre 2024 pour soumettre un plan de conformité et jusqu'au 17 février 2025 pour restaurer la conformité.
Le délai de dépôt était dû à des problèmes décrits dans le formulaire 12b-25. MediaCo a l'intention de soumettre un plan de conformité et de travailler assidûment pour déposer le rapport retardé. La notification n'a pas d'effet immédiat sur la cotation des actions ordinaires de classe A de MediaCo, qui continuent d'être échangées sur le marché des capitaux Nasdaq sous le symbole MDIA.
MediaCo Holding Inc. (Nasdaq: MDIA) hat eine Mängelmitteilung von Nasdaq erhalten, aufgrund der verspäteten Einreichung des Q2 2024 Formulars 10-Q. Das Unternehmen erfüllt nicht die Nasdaq Listing Regel 5250(c)(1), die eine fristgerechte Einreichung der periodischen Berichte erfordert. MediaCo hat bis zum 21. Oktober 2024 Zeit, einen Compliance-Plan einzureichen, und bis zum 17. Februar 2025, um die Compliance wiederherzustellen.
Die Verzögerung bei der Einreichung war auf Angelegenheiten zurückzuführen, die im Formular 12b-25 beschrieben sind. MediaCo beabsichtigt, einen Compliance-Plan vorzulegen und gewissenhaft an der Einreichung des verspäteten Berichts zu arbeiten. Die Mitteilung hat keine unmittelbaren Auswirkungen auf die Notierung der Stammaktien der Klasse A von MediaCo, die weiterhin unter dem Symbol MDIA an der Nasdaq Capital Market gehandelt werden.
- MediaCo's Class A common stock continues to trade on Nasdaq under MDIA symbol
- Company has until October 21, 2024 to submit a compliance plan
- Maximum extension to regain compliance is until February 17, 2025
- Delayed filing of Q2 2024 Form 10-Q
- Non-compliance with Nasdaq Listing Rule 5250(c)(1)
- Risk of potential delisting if compliance is not regained
Insights
MediaCo's notification of non-compliance with Nasdaq listing rules due to delayed Q2 2024 filing is a significant red flag for investors. This situation often indicates underlying financial or operational issues, potentially impacting the company's transparency and credibility. The October 21, 2024 deadline for submitting a compliance plan and the February 17, 2025 ultimate deadline for regaining compliance provide a narrow window for MediaCo to address these issues. Investors should closely monitor the company's progress in filing the delayed report and its ability to meet Nasdaq requirements. While the stock continues trading, there's a risk of delisting if compliance isn't achieved, which could severely impact stock liquidity and valuation. This development may also hinder MediaCo's ability to raise capital or pursue strategic initiatives in the near term.
The Nasdaq notification highlights potential governance and compliance issues within MediaCo. The company's failure to file its Q2 2024 Form 10-Q on time raises questions about its internal controls and financial reporting processes. While the company has been granted an extension, the situation underscores the importance of timely and accurate financial reporting for public companies. Investors should be aware that prolonged non-compliance could lead to regulatory scrutiny from the SEC, potentially resulting in investigations or enforcement actions. Additionally, this situation may expose MediaCo to shareholder litigation risks, especially if the delayed filing is found to be related to material financial misstatements or other significant issues. The company's ability to swiftly address these compliance concerns will be important in maintaining investor confidence and avoiding further legal complications.
MediaCo's delayed filing and subsequent Nasdaq notification could have ripple effects across the media industry. As a multi-media company operating in the competitive New York City market and managing the Estrella Media network, any financial instability or compliance issues could potentially shift market dynamics. Competitors might seize this opportunity to gain market share or poach talent. The situation may also lead to increased scrutiny of other media companies, particularly those with similar business models or market capitalizations. Investors might become more cautious about the sector, potentially impacting valuations across the board. Moreover, this incident highlights the challenges faced by smaller media companies in maintaining compliance and financial stability in a rapidly evolving digital landscape, potentially influencing industry-wide trends in consolidation or diversification strategies.
The Notice indicates that the Company has until October 21, 2024 to submit a plan to regain compliance with the Listing Rule with respect to the delinquent filing, and indicates that any additional Nasdaq Staff exception to allow the Company to regain compliance with the delinquent filing will be limited to a maximum of 180 calendar days from the due date of the Q2 2024 Form 10-Q (as extended pursuant to Rule 12b-25 under the Securities Exchange Act of 1934, as amended), or February 17, 2025. The Company intends to submit a compliance plan to Nasdaq and take the necessary steps to regain compliance with the Listing Rule as soon as practicable.
The filing of the Q2 2024 Form 10-Q was delayed due to the matters described in the Form 12b-25. While the Company can provide no assurances as to timing, the Company will continue to work diligently to complete and file the delayed report as soon as practicable.
The Notice has no immediate effect on the listing of MediaCo’s Class A common stock, which will continue to trade on The Nasdaq Capital Market under the symbol “MDIA” at this time.
About MediaCo Holding Inc.
MediaCo is an owned and operated multi-media company focused on radio and digital advertising, premium programming and events. MediaCo owns and operates two radio stations located in
Forward-looking Statements
This communication 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, and it is intended that all forward-looking statements will be subject to the safe harbor protections created thereby. All statements contained in this communication other than statements of historical facts, including without limitation statements relating to MediaCo’s plans and expectations about the completion and filing of its delayed SEC report, its submission of a plan to regain compliance with respect to the Listing Rule and the timing and outcome thereof, contained in this communication or any documents referred to herein are forward-looking statements. Words such as “believe,” “may,” “will,” “expect,” “should,” “could,” “would,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “project,” “target,” “is/are likely to,” “forecast,” “future,” “guidance,” “possible,” “predict,” “seek,” “see,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following the potential impact of consummation of the transaction on relationships with third parties, including clients, employees and competitors; risks that the new businesses will not be integrated successfully or that the combined company will not realize estimated cost savings; risks associated with the exercise of the option to acquire the broadcast assets of Estrella Broadcasting at a future date, failure to realize anticipated benefits of the combined operations; unexpected costs, charges or expenses resulting from the transaction; and potential litigation relating to the transaction. These and other important factors discussed under the caption “Risk Factors” in MediaCo’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on April 1, 2024, as may be updated from time to time in other filings MediaCo makes with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this communication.
These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this communication. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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For press inquiries: press@mediacoholding.com
Source: MediaCo Holding Inc.
FAQ
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