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Kidpik Corp. (PIKM) announced the termination of its merger agreement with Nina Footwear Corp. The merger was terminated due to failure to complete by December 31, 2024, deadline and Kidpik's inability to maintain Nasdaq listing requirements. Additionally, Kidpik decided not to appeal Nasdaq's delisting decision, acknowledging its inability to meet minimum shareholders' equity requirements.
The company's stock now trades on the OTC Pink Market under symbol PIKM, with warnings about potential information availability, reduced transparency, and increased volatility. Due to the delisting, Kidpik lost the opportunity to sell $1.5 million in convertible debentures.
Subject to financial capability, Kidpik may explore strategic alternatives including potential asset sale, company sale, another merger, liquidation, or other strategic actions, including potential bankruptcy. The company is controlled by Ezra Dabah, who owns 51% of Kidpik and, with his children, approximately 79.3% of Nina Footwear.
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