Welcome to our dedicated page for NTN news (Ticker: NTN), a resource for investors and traders seeking the latest updates and insights on NTN stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect NTN's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of NTN's position in the market.
NTN Buzztime announced a one-for-two reverse stock split of its common stock, effective just before merging with Brooklyn ImmunoTherapeutics on March 25, 2021. Post-merger, the new company will trade under the symbol 'BTX' starting March 26, 2021. Stockholders approved the merger and stock split at a special meeting on March 15, 2021. Brooklyn, a biopharmaceutical firm, focuses on IL-2 cytokine-based therapies for cancer treatment, particularly the IRX-2 therapy.
On March 15, 2021, NTN Buzztime, Inc. (NYSE American: NTN) announced stockholder approval for its merger with Brooklyn ImmunoTherapeutics LLC. The merger is pending customary closing conditions and regulatory approvals, expected to finalize within two weeks. Key proposals approved include share issuance to Brooklyn members and a reverse stock split. Two proposals regarding voting rights and asset sales did not pass. The merger aims to focus resources on Brooklyn's business post-completion, with a subsequent asset sale to eGames.com Holdings LLC anticipated.
The NTN Buzztime board urges stockholders to vote FOR all proposals at the March 15, 2021 meeting related to a merger with Brooklyn ImmunoTherapeutics and an asset sale to eGames.com. NTN's business has suffered heavily due to COVID-19, leading to projected cash depletion in three weeks. The board believes the merger and asset sale are the best options for stockholders to avoid potential bankruptcy. Completion of these deals may lead to stockholders owning a larger share of the combined company.
NTN Buzztime, Inc. (NYSE American: NTN) has announced the effectiveness of its registration statement on Form S-4 regarding its merger with Brooklyn ImmunoTherapeutics and the sale of its assets to eGames.com Holdings. A special meeting for stockholders is scheduled for March 15, 2021, to vote on these proposals. NTN's management indicates that the company has sufficient cash resources only through mid-March 2021, raising concerns about future operations if the transactions are delayed. If not completed timely, NTN may face financial distress or restructuring.
NTN Buzztime, Inc. (NYSE American: NTN) received a non-compliance notice from NYSE Regulation for failing to hold an annual meeting in 2020, breaching Section 704 of the NYSE American Company Guide. Furthermore, NTN reported stockholders' equity below the required thresholds of $2 million, $4 million, and $6 million for specific past periods, resulting in potential delisting procedures. NTN has submitted a compliance plan to regain adherence to listing standards by September 27, 2021, during which its common stock will continue to be listed, pending progress review.
NTN Buzztime reported Q3 2020 financial results with revenues of $1.5 million, a 96% sequential increase but down from $4.6 million year-over-year. The drop is attributed to a reduced site count and the pandemic's impact on subscriptions. Operating expenses decreased to $2.9 million due to restructuring. The net loss was $1.5 million, or $0.50 per share. Liquidity shows $1.7 million in cash, a drop from $3.2 million at the end of 2019. The company received $1.6 million from the Paycheck Protection Program and has a bridge loan of $1 million from eGames.com.
On September 18, 2020, NTN Buzztime (NYSE American: NTN) announced a definitive agreement to sell its social entertainment and advertising technology assets to eGames.com Holdings LLC for $2 million in cash. This transaction aims to close in the fourth quarter of 2020, subject to closing conditions, including stockholder approval. The sale is expected to bolster Buzztime's balance sheet and support a proposed reverse merger with Brooklyn Immunotherapeutics. CEO Allen Wolff will lead eGames.com post-sale, which is anticipated to create synergies for Buzztime's growth.
On August 13, 2020, NTN Buzztime (NYSE American: NTN) and Brooklyn ImmunoTherapeutics announced a definitive merger agreement aimed at enhancing the clinical development of Brooklyn's cytokine-based cancer therapies. This all-stock merger will result in Brooklyn holding 94.08% of the combined company's stock. Following regulatory approvals, the merger is projected to close in Q4 2020, transitioning NTN's operations to focus solely on Brooklyn's initiatives. The combined entity will operate under the Brooklyn ImmunoTherapeutics name, trading under a new ticker on the NYSE American.
NTN Buzztime, Inc. (NYSE American: NTN) received a notice from NYSE Regulation for non-compliance with listing standards due to stockholders' equity below $2 million as of June 30, 2020 and net losses in two of the last three fiscal years. The company reported stockholders' equity of $1.9 million. Previously, it was non-compliant for having less than $6 million and $4 million as of December 31, 2019 and March 31, 2020, respectively. NTN must regain compliance by September 27, 2021, or face potential delisting.
NTN reported a significant decline in Q2 2020 revenues, totaling $754,000, down from $5.2 million in Q2 2019, largely due to COVID-19 impacts on its bar and restaurant clientele. Despite a reduction in operating expenses to $2.4 million, the company faced a net loss of $2.0 million or $0.69 per share. Liquidity remained stable with $2.2 million in cash. NTN received $1.6 million from the Paycheck Protection Program and is currently focused on cash management and exploring strategic alternatives amidst ongoing challenges.
