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Tix Corporation (OTC: TIXC) filed voluntary Chapter 11 bankruptcy petitions in Nevada, seeking Debtor-in-Possession financing to maintain operations without customer impact. The company plans to sell substantially all its assets through a court-supervised auction.
The Board believes this process is the best solution for liquidity challenges. It acknowledges employee support and aims to continue paying wages and benefits. The company is currently operational, having reopened three stores since the COVID-19 shutdown in March 2020.
Tix Corporation (TIXC) reported no revenues for Q1 2021, a stark decline from $1.96 million in Q1 2020, resulting in a net loss of $1.48 million compared to a $927,000 loss a year earlier. The closure of Las Vegas entertainment due to COVID-19 severely impacted the company's operations. As of March 31, 2021, TIXC has approximately $1.52 million in past due lease payments and is in discussions for restructuring. The company obtained a $980,000 Paycheck Protection Program loan and recently underwent a Board of Directors restructuring.
Tix Corporation (OTC Pink: TIXC) announced a binding letter agreement with CEO Mitch Francis amid ongoing challenges due to COVID-19. The entertainment market in Las Vegas has not recovered, impacting the Company's operations since March 2020. Key terms of the agreement include Francis purchasing 6,250,000 shares at $0.08 per share and a potential option for a $200,000 funding line. Additionally, he will initiate a tender offer to buy at least one-third of outstanding shares at the same price, while waiving his salary and benefits until May 2021.
Tix Corporation (OTCQX: TIXC) announced on October 19, 2020, a review of strategic alternatives, including a potential sale, aimed at maximizing stockholder value. The review will be led by a special committee appointed by the Board of Directors. While there have been indications of interest for acquisition, no formal offers have been received. The Company, which suspended operations in March 2020 due to COVID-19, is monitoring the Las Vegas market for potential reopening but has not set a timetable for its strategic review process.
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