STOCKS TELEGRAPH

Author: Asim Kamal

  • Why did Troika Media Group Inc. (TRKA) stock plummet on Friday?

    Why did Troika Media Group Inc. (TRKA) stock plummet on Friday?

    Troika Media Group Inc. (TRKA) stock gained 5.91% in after-hours on Friday, July 16, 2021, and closed the weekly session at $2.51 per share. In the morning session of Friday, TRKA’s stock lost 8.85% to close Friday’s morning session at $2.37. TRKA shares have moved down 11.57% in the past week. The company has a current market of $101.20 million and its outstanding shares stood at 42.70 million.

    Partnership with CAA Brand

    On July 01, 2021, Troika Media Group, Inc announced that it will launch a new advertising campaign, in partnership with CAA Brand Consulting, on behalf of Wilson Sporting Goods Co., as the new National Basketball Association (NBA) official game ball for the 2021-22 season.

    Participation in the recent investor conference

    Troika Media Group recently participated in the 2021 LD Micro Invitational XI investor conference which was held on Wednesday, June 9th at 3:00 PM EDT.

    The company was presented by CEO Robert Machinist, and Kyle Hill, President of Redeeem and Head of Digital Assets.

    Acquisition of Redeem

    On May 24, 2021, Troika Media Group, Inc closed on the acquisition by its wholly-owned subsidiary, Redeeem Acquisition Corp. (RAC) of Redeeem, LLC (Redeeem), a fintech platform that empowers businesses to digitize any asset and build their blockchain-based payment solutions. RAC has acquired substantially all of the assets and approximately $165,000 of specified liabilities of Redeem for $1.21 million in cash and $10.89 million in the common stock of TMG that vest over three years.

    Collaboration with Stampede Ventures

    On May 20, 2021, Troika Media Group, Inc collaborated with Stampede Ventures, to launch a new non-fungible token (NFT) series based on a partnership between the Dole Sunshine Company and the “Hungry Artist” David Datuna. The five-piece series includes four fruit-inspired NFTs and a final fifth piece, Sunshine for All.

    Launching of Troika Labs

    On May 17, 2021, Troika Media Group, Inclaunched Troika Labs, a new division with the primary mission to leverage its expansive data and content creation capabilities to provide a fully integrated digital and creative offering to clients on a global scale.

    Troika Labs will be a data-driven content practice built on the intelligence and insight that media provides about which content connects brands with people in the most compelling and personalized way. Troika Labs can deliver a higher level of consumer insight and increase the efficiency and impact of both the creative product and client media investments.

    Conclusion

    Well, TRKA stock plummeting on Friday is a bit strange because there is no recent news or development which could be linked with its poor performance on Friday.

  • Here is why Red Cat Holdings Inc. (RCAT) surged and later declined on Friday?

    Here is why Red Cat Holdings Inc. (RCAT) surged and later declined on Friday?

    Red Cat Holdings Inc. (RCAT) shares plunged 23.80% in after-hours on Friday, July 16, 2021, and closed the weekly trading at $5.41 per share. In the morning session on Friday, RCAT’s stock gained 41.15% to close Friday’s session at $7.10. RCAT shares have risen 472.58% over the last 12 months, and they have moved up 136.67% in the past week. Over the past three months, the stock has gained 68.65%, while over the past six months, it has lost 149.12%.

    Let’s see why RCAT stock plummeted in the after-hours on Friday?

    Pricing of Public Offering of Common stock

    On July 18, 2021, Red Cat Holdings, Inc announced the pricing of its underwritten public offering of 13,333,334 shares of its common stock at a public offering price of $4.50 per share.

    Underwriters will get a 45-day option to purchase up to an additional 2,000,000 shares. The company will get gross proceeds of approximately $60,000,000and will use it for services, sales, and marketing efforts for its Red Cat Drone Services, strategic acquisitions, and related expenses, and general working capital.

    Acquisition of Teal Drones

    On July 13, 2021, Red Cat Holdings, Inc signed a definitive agreement to acquire Teal Drones, a leader in commercial and government unmanned aerial vehicle technology. The all-stock transaction will add Teal Drones to Red Cat’s portfolio and strengthen the group’s spectrum of offerings across North America.

    New CEO changing the RCAT business strategy

    On June 9, 2021, Red Cat Holdings, Inc announced that it was establishing Enterprise and Consumer segments to sharpen the Company’s focus on the unique opportunities in each sector of the drone industry. This development represents the first action taken by the Company’s newly appointed Chief Operating Officer, Dr. Allan Evans.

    Inauguration on Russell Microcap Index

    Red Cat Holdings, Inc joined the Russell Microcap Index after the 2021 annual reconstitution, effective after the US market opened on June 28, according to a preliminary list of additions posted by FTSE Russell on Friday, June 4, 2021.

    New Appointment

    On June 4, 2021, Red Cat Holdings, Incappointed Dr. Allan Evans, as Chief Operating Officer of Red Cat, where he will oversee operations for all four subsidiaries.

    Skypersonic Acquisition completed

    On May 11, 2021, Red Cat Holdings, Inc completed the acquisition of Skypersonic which enables drones to “Fly Anywhere” and “Inspect the Impossible”. Its Skyloc software system allows a drone to complete inspection services in locations where GPS is not available, yet still record and transmit inspection data even while being operated from thousands of miles away. Skycopter is a miniature drone fitted into a cage to avoid damage to inspected areas and the drone and is ideally suited for environments where a manual inspection is not practical or possible.

    Conclusion

    The RCAT stock jumped on the Friday morning when the company announced the public offering of its common stock but plummeted in the after-hours when the company revealed the pricing of public offering of its common stock. We are not sure how RCAT stock will commence the new week on Monday.

  • Why American Outdoor Brands Inc. (AOUT) faced headwinds in the after-hours on Thursday?

    American Outdoor Brands Inc. (AOUT) shares lost 9.27% in after-hours on Thursday, July 15, 2021, and closed at $32.60 per share. Earlier in the morning session, AOUT’s stock gained 5.99% to close Thursday’s session at $35.93. AOUT shares have moved up 10.08% in the past week. Over the past three months, the stock has gained 33.57%, while over the past six months, it has declined 80.92%. The company has a current market of $486.49 million and its outstanding shares stood at 14.00 million.

    Let’s see why AOUT faced negativity in the after-market session and have a brief look at its recent news.

    Latest financial results announcement

    On July 15, 2021, American Outdoor Brands, Inc reported its financial results for the fourth quarter and full-year fiscal 2021 ended April 30, 2021.

    Q4 2021 financial highlights

    • American Outdoor Brands reported net sales of $64.5 million in Q4 2021 compared to 43.1 million for Q4 2020.
    • The gross margin was 44.4% in Q4 2021 which was the same in Q4 2020.
    • Net income was $1.2 million, or $0.09per diluted share in Q4 2021, compared with a net loss of $90.7 million, or $6.49 per diluted share, inQ4 2020.
    • Adjusted EBITDA was $7.0 million in Q4 2021 compared to $3.1 million in Q4 2020.

    FY2021 financial highlights

    • American Outdoor Brands net sales were $276.7 million in FY 2021 compared to net sales of $167.4 million in FY 2020.
    • The gross margin was 45.8% in FY 2021 compared with 42.4% in FY2020.
    • The company reported a net income of $18.4 million, or $1.29per diluted share in FY 2021, compared with a net loss of $96.2 million, or $6.88 per diluted share in FY 2020.
    • Adjusted EBITDA was $47.3 million in FY 2021 compared to $12.3 million in FY 2020.

    New appointment

    On May 4, 2021, American Outdoor Brands, Inc appointed Curtis Smith as Chief Marketing Officer. In this newly created role, Smith will lead the company’s Marketing, Brand Management, Creative, e-commerce, and Customer Service, teams.

    Q3 2021 financial results announcement

    OnMarch 17, 2021, American Outdoor Brands, Inc released its financial results for the third quarter fiscal 2021 ended January 31, 2021.

    Q3 2021 financial highlights

    • Net sales were $82.6 million in Q3 2021 compared to $43.3 million for the comparable quarter last year.
    • In Q3 2021, the gross margin was 45.2% compared to 44.1% in Q3 2020.
    • The company had a net income of $8.0 million, or $0.56per diluted share in Q3 2021 compared with a net loss of $147,000, or $0.01per diluted share in Q3 2020.
    • Adjusted EBITDAS was $15.8 million in Q3 2021 compared to 3.4 million in Q3 2020.

    Conclusion

    The company announced its financial results which we have discussed above. Though the results are much better in comparison AOUT stock price declined in the after-hours which is a bit strange. Let’s see how AOUT stock ends the weekly trading on Friday?

  • Here is why Neptune Wellness Solutions Inc. (NEPT) stock had BAD Thursday?

    Neptune Wellness Solutions Inc. (NEPT) shares declined 14.95% in after-hours on Thursday, July 15, 2021, and closed the daily trading at $0.91 per share. Earlier in the morning session, NEPT’s stock lost 1.83% to close Thursday’s session at $1.07. NEPT shares have fallen 64.09% over the last 12 months, and they have moved down 1.83% in the past week. Over the past three months, the stock has lost 13.01%, while over the past six months, it has declined 42.16%.

    Let’s see what’s going on with NEPT recently?

    Q4 and FY 2021 financial results announcement

    On July 15, 2021, Neptune Wellness Solutions Inc released its financial results for the three-month and twelve-month periods ending March 31, 2021.

    Q4 2021 financial highlights

    • Neptune Wellness Solutions earned a revenue of $6.8 million in Q4 2021 compared to $9.5 million in Q4 2020.
    • The gross profit was -$$24.8 million in Q4 2021 compared to a reported gross profit loss of $1.1 million in Q4 2020.
    • The company suffered a net loss of $60.3 million in Q4 2021 compared to a net loss of $39.2 million in Q4 2020.
    • Adjusted EBITDA was negative $38.2 million in Q4 2021 compared to an Adjusted EBITDA loss of $5.8 million in Q4 2020.

    FY 2021financial highlights

    • For FY 2021, Neptune Wellness Solutions earned a revenue of$46.8 million compared to $29.6 million in FY 2020.
    • gross profit loss of $36.2 million was reported in FY 2021 compared to a gross profit loss of $1.8 million for the fiscal year 2020.
    • In FY 2021, the company suffered a net loss of $168.6 million compared to a net loss of $60.9 million for the fiscal year 2020.
    • Adjusted EBITDA was negative 7 million in FY 2021 compared to an Adjusted EBITDA loss of $19.9 million for the fiscal year 2020.

    Non-compliance notice from Nasdaq

    on July 2, 2021, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying the Company that it was not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed its Annual Report on Form 40-F for the fiscal year ended March 31, 2021.

    Launch of New Corporate and Investor Relations Websites

    On June 29, 2021, Neptune Wellness Solutions Inc launched new corporate overview and investor relations websites after feedback from its customers.

    The address for the new corporate website is www.neptunewellness.com and the new investor relations website can be found at www.investors.neptunewellness.com or by selecting “Investor Relations” at the bottom of the corporate website pages.

    Conclusion

    Yesterday’s financial results announcement was the reason behind its exceptional loss on Thursday. the financial results were not very attractive for the investors which resulted in the decline of its share price. The negative trend can continue on Friday as well.

  • Why DIRTT Environmental Solutions Ltd. (DRTT) stock performed well on Thursday?

    DIRTT Environmental Solutions Ltd. (DRTT) shares gained 1.75% in after-hours on Thursday, July 15, 2021, and closed at $4.65 per share. Earlier in the morning session, DRTT’s stock gained 7.78% to close Thursday’s session at $4.57. DRTT shares have risen 311.71% over the last 12 months, and they have moved up 9.33% in the past week. Over the past three months, the stock has gained 51.83%, while over the past six months, it has declined 101.32%.

    Let’s have a look at its recent news and developments.

    Upcoming financial results announcement

    DIRTT Environmental Solutions Ltd will release its second-quarter 2021 financial results on Wednesday, August 4, 2021, after markets close.

    New appointment

    On July 09, 2021, the Board of Directors of DIRTT Environmental Solutions Ltd appointed Todd Lillibridge as Chair of the Board of DIRTT, replacing Steven Parry who plans to retire from the Board next May in connection with the Company’s 2022 annual meeting of shareholders.

    DIRTT aggressive approach against Falkbuilt

    On June 24, 2021, DIRTT Environmental Solutions Ltd expanded its court cases against Falkbuilt and continues to aggressively pursue Smed, Loberg, and Falkbuilt via four separate lawsuits across North America, as outlined below.

    DIRTT’s U.S. operating subsidiary filed a federal lawsuit in the U.S. District Court for the Northern District of Texas (Case No: 3:21-CV-1483) against Falkbuilt (the “Texas Litigation”). The lawsuit alleges that Falkbuilt has unlawfully used DIRTT’s confidential information in the United States and intentionally caused confusion in the United States in an attempt to steal customers, opportunities, and business intelligence, to establish a competing business in the United States market.

    Falkbuilt is a company started by two of DIRTT’s founders MogensSmed and Barrie Loberg).

    More investment by DIRTT in U.S manufacturing

    On June 08, 2021, DIRTT Environmental Solutions Ltd announced the opening of their newest manufacturing plant located in Rock Hill, within York County, South Carolina. The company’s other manufacturing facilities are located in Phoenix, Arizona, Savannah, Georgia, and Calgary, Alberta, serving clients across the United States and Canada.

    DIRTT ESG report

    On June 03, 2021, DIRTT Environmental Solutions Ltd released its inaugural Environmental, Social, and Governance (ESG) report.

    At the ESG report release, the DIRTT chief executive officer Kevin O’Meara said that at DIRTT, their vision is to bring dynamic spaces to life through sustainable construction that enhances the working, learning, and healing experiences of the people who use them.

    Conclusion

    Well, as of this writing, there is no recent news or development which could justify its good performance on Thursday. we hope that DIRTT will continue to perform well on Friday as well.

  • Here is why Ion Geophysical Corp. (IO) stock surged in the after-hours on Thursday?

    ION Geophysical Corporation (IO) shares surged 21.57% in after-hours on Thursday, July 15, 2021, and closed the day at $1.86 per share. Earlier in the morning session, IO’s stock lost 6.71% to close Thursday’s normal trading session at $1.53. IO shares have fallen 38.06% over the last 12 months, and they have moved down 13.07% in the past week. Over the past three months, the stock has lost 30.77%, while over the past six months, it has shed 49.67%.

    Let’s discuss IO recent news and developments briefly.

    Q2 2021 preliminary financial results announcement

    On July 15, 2021, ION Geophysical Corporation announced a preliminary financial outlook for the second quarter of 2021.

    The Company expects second quarter 2021 revenues to be approximately $20 million, which is a 40% improvement if we compared it with Q2 2020.

    The company’s total liquidity will be approximately $33 million consisted of $27 million of cash (including net revolver borrowings of $20 million) and approximately $6 million of remaining available borrowing capacity under the revolving credit facility at the end of the 2nd quarter of 2021.

    New Board members

    On June 30, 2021, ION Geophysical Corporation announced the election of Mr. Mark Doran and Mr. Gary Pittman to its Board of Directors, effective June 28, 2021. Each was also appointed to the Audit Committee of the Board.

    Commencing phase 2 of North Sea 3D multi-client program

    On June 03, 2021, ION Geophysical Corporation commenced the second phase of its 11,000 sq km North Sea 3D multi-client program in partnership with Shearwater.

    ION is using digital technologies to acquire the survey in a more environmentally conscious manner. The company is using Marlin™ and Orca® software, ION incorporated impacts from ocean currents into the survey design to maximize data collection efficiency during the short North Sea summer season while minimizing emissions.

    Shell Egypt survey completed by ION and PGS

    On June 01, 2021, ION Geophysical Corporation and PGS successfully completed the offshore survey Egypt acquired on behalf of Shell with an innovative Extended Long Offset (ELO) design in combination with ION’s Gemini™ source technology.

    Q1 2021 financial results announcement

    On May 05, 2021, ION Geophysical Corporation announced its financial results for the first quarter of 2021.

    Q1 2021 financial highlights

    • ION reported net revenues of $14.0 million in the first quarter of 2021compared to $56.4 million in Q1 2020.
    • Total operating expenses were $11.1 million in Q1 2021 compared to $22.0 million in the first quarter of 2020.
    • The company suffered a net loss of $7.2 million, or a loss of $0.46 per share in Q1 2021 compared to a net loss of $2.3 million, or a loss of $0.16 per share in the first quarter of 2020.
    • Adjusted EBITDA was $6.6 million in Q1 2021 compared to $23.1 million in Q1 2020.

    Conclusion

    The improved revenue indication for the second quarter was the reason behind its surge in the after-hours on Thursday and it can end the weekly trading by continuing its surge on Friday as well.

  • Why SGOCO Group Ltd. (SGOC) stock skyrocketed on Wednesday?

    SGOCO Group Ltd. (SGOC) shares jumped 12.88% in after-hours on Wednesday, July 14, 2021, and closed the trading at $14.90 per share. Earlier in the morning session, SGOC’s stock rallied 37.64% to close Wednesday’s session at $13.20. SGOC shares have risen 1157.14% over the last 12 months, and they have moved up 445.45% in the past week. Over the past three months, the stock has gained 654.29%, while over the past six months, it has declined 725.00%.

    Let’s have a look at SGOC recent news and developments.

    Nasdaq stock exchange compliance regained by SGOCO Group Ltd

    On July 14, 2021, SGOCO Group Ltd announced that it has regained compliance with the Nasdaq stock exchange.

    On May 18, 2021, SGOCO Group, Ltd received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market Incnotifying that the Company is no longer in compliance with the Nasdaq Listing Rule 5250(c)(1) for continued listing due to its failure to timely file its annual report on Form 20-F for the year ended December 31, 2020, with the U.S. Securities and Exchange Commission.

    About the company

    SGOCO is a conglomerate group of various businesses with its headquarters based in Hong Kong. The group is principally engaged in,Virtual Reality (“VR’) device and technologies research and development (b) environmental protection, energy-saving technologies, equipment development and applications (c) money lending business in Hong Kong providing mortgage loans to high-quality target borrowers with low credit risk who can provide mortgage collateral and/or third-party guarantee and (d) property investment to generate additional rental income to further boost the group’s cashflow over the long term.  The group’s vision is to operate as a conglomerate to build synergy within its sustainable ecosystem thereby create value for shareholders.

    Conclusion

    SGOCO has experienced extreme volatility in recent days as retail day traders have been piling into the Chinese fintech company, which was a penny stock not long ago. Yesterday’s surge was after it regained Nasdaq compliance. There is no other recent news available at the moment so it is hard to predict how SGOC will perform in the coming days.

  • Here is why Immunic Inc. (IMUX) stock plummeted on Wednesday?

    Immunic Inc. (IMUX) shares plunged 10.60% in after-hours on Wednesday, July 14, 2021, and closed the trading at $10.63 per share. Earlier in the morning session, IMUX’s stock lost 3.49% to close Wednesday’s session at $11.89. IMUX shares have fallen 1.82% over the last 12 months, and they have moved down 2.70% in the past week. Over the past three months, the stock has lost 18.11%, while over the past six months, it has declined 32.79%. Further, the company has a current market of $252.42 million and its outstanding shares stood at 21.18 million.

    Proposed Public Offering of Common Stock

    On July 14, 2021,Immunic, Inc announced that it intends to offer and sell shares of its common stock in an underwritten public offering. All the shares to be sold in the offering will be offered by the Company.

    The underwriter will get a 30 days option to buy an extra 15% percent of shares of its common stock offered in the public offering.

    Virtual R&D day hosted by Immunic Inc

    On July 12, 2021, Immunic, Inc hosted a virtual R&D Day. Immunic’s management and Zuoming Sun, Ph.D., a key opinion leader specializing in RORγt biology, discussed new preclinical data for IMU-935, a highly potent and selective inverse agonist of the transcription factor RORγt, and provided an update on its clinical development strategy as a potential treatment for psoriasis and metastatic castration-resistant prostate cancer (mCRPC).

    FDA cleared two IND applications of Immunic

    On July 1, 2021, U.S. Food and Drug Administration (FDA) cleared Immunic, IncInvestigational New Drug (IND) application for the phase 3 ENSURE program of lead asset IMU-838, the company’s selective oral DHODH inhibitor, in patients with relapsing-remitting multiple sclerosis (RRMS).

    The FDA also cleared the company’s separate IND application for the supportive phase 2 CALLIPER trial of IMU-838 in patients with progressive multiple sclerosis (PMS).

    Participation in the recent investor conferences

    • Immunic Inc was present at Ladenburg Thalmann Healthcare Conference which held on July 13-14, 2021. The Chief Executive Officer and President of Immunic, Daniel Vitt, Ph.D., presented the company.
    • The company also took part in the 16th Congress of ECCO(European Crohn’s and Colitis Organization) which held on July 2-3 and 8-10, 2021.
    • Immunic Inc participated at The International Federation of Psoriasis Association’s 6thWorld Psoriasis & Psoriatic Arthritis Conference 2021, which held on June 30-July 3, 2021.
    • The company was presented by Chief Executive Officer and President of Immunic, Daniel Vitt, PhD at the JMP Securities Life Science Conference which held on June 16-17.
    • The senior management of Immunic had one on one meetings atBIO Digital(formerly BIO International Convention) which held on June 14-18, 2021.

    Conclusion

    The recent announcement of a public offering of its common stock was the reason behind its poor performance on Wednesday. We hope that IMUX will recover its loss in the coming days and will perform better.

  • Lipocine Inc. (LPCN) stock surged in the after-hours on Wednesday after a recent announcement

    Lipocine Inc. (LPCN) shares surged 11.63% in after-hours on Wednesday, July 14, 2021, and closed the trading at $1.44 per share. Earlier in the morning session on Wednesday, LPCN’s stock lost 2.27% to close Wednesday’s session at $1.29. LPCN shares have risen 4.88% over the last 12 months, and they have moved down 4.44% in the past week. Over the past three months, the stock has lost 12.24%, while over the past six months, it has shed 20.86%.

    Let’s have a brief look at its recent developments.

    Settlement With Clarus Therapeutics

    On July 14, 2021, Lipocine Inc entered into a global settlement and license agreement with Clarus Therapeutics Inc (Clarus) to resolve all outstanding claims in the ongoing intellectual property battle between the two companies as well as the ongoing interference proceeding between the two companies.

    Both companies agreed to dismiss the Lipocine Inc. v Clarus Therapeutics, Inc., No 19-cv-622 (WCB) litigation presently pending in the U.S. District Court for the District of Delaware and interference proceedings captioned Clarus Therapeutics, Inc. v. Lipocine Inc., Interference No. 106,128 presently pending in the U.S. Patent and Trademark. The terms of the settlement remain confidential.

    Participation in the recent health and investor conferences

    Lipocine Inc recently participated virtually at Ladenburg Thalmann Healthcare Conference, which held on July 13-14, 2021.

    Earlier, the company took part in The International Liver Congress™ in 2021, the annual meeting of the European Association for the Study of the Liver (EASL), Digital Event, which held on June 23-26, 2021.

    Lipocine was present at Raymond James Human Health Innovation Conference which held on June 21-23, 2021, and at Lytham Partners Summer 2021 Investor Conference which held on June 14-16, 2021.

    LPCN 1154 IND application cleared by FDA

    On June 14, 2021, the U.S. Food and Drug Administration (FDA) cleared Lipocine’s Investigational New Drug Application to initiate a Phase 2 study to evaluate the therapeutic potential of LPCN 1154, an oral neuro-steroid product candidate, for the treatment of postpartum depression in adults.

    Clarus Therapeutics won Patent Infringement Case against Lipocine

     

    On May 25, 2021, The U.S. District Court for the District of Delaware granted Clarus Therapeutics’ motion for summary judgment against remaining patents in a patent infringement case brought by Lipocine Inc regarding Clarus’s oral testosterone replacement product, Jatenzo.

    The statement gave Clarus an unequivocal win, Judge Bryson found all of the asserted Lipocine patents claims invalid.

    Conclusion

    The latest settlement with Clarus Therapeutics was the reason behind its gains in the after-hours on Wednesday because investors always take such news as a positive development. We can see LPCN to surge in the coming days.

  • Here is why Cinedigm Corp. (CIDM) stock turnaround in the after-hours on Wednesday?

    Cinedigm Corp. (CIDM) shares soared 25.93% in after-hours on Wednesday, July 14, 2021, and closed the trading at $1.36 per share. Earlier in the morning session, CIDM’s stock lost 6.90% to close Wednesday’s session at $1.08. CIDM shares have fallen 43.75% over the last 12 months, and they have moved down 5.26% in the past week. Over the past three months, the stock has lost 12.90%, while over the past six months, it has declined 24.14%.

    Let’s see what’s going on with CIDM in the recent past?

    Preliminary Q4 results announcement

    On July 14, 2021, Cinedigm Corp reported its preliminary, unaudited, results for the period ended March 31, 2021.

    Q4 2021 financial highlights

    Cinedigm Corp earned a revenue of $8.3 million in Q4 2021 compared to $7.7 million in Q4 2020.

    The Company had cash and cash equivalents of $16.8 million on March 31, 2021, compared to 14.3 million as of March 31, 2020.

    New appointment

    On July 13, 2021, Cinedigm appointed Jennifer Soltesz as the Vice President of Business Development & Strategy at Cinedigm. Soltesz will be the primary business lead for new partnership engagements, such as channel, platform and advertising partners, for the Digital Networks group.

    Forgiveness of $2.2 Million Loan

    On July 8, 2021, Cinedigm received forgiveness of approximately $2.2 million of loan proceeds and accrued interest (“PPP Loan”) previously carried under the Paycheck Protection Program.

    The U.S. Small Business Administration (“SBA”) approved the forgiveness of the PPP loan in its entirety, and that East West Bank has applied the funds and paid off the principal and interest of the PPP loan in full.

    Cinedigm channels on YouTube TV 

    On July 8, 2021, Cinedigm announced that three of their most popular channels, Dove Channel, CONtv and Docurama are now available on YouTube TV as optional add-ons. YouTube TV is a live television streaming service with more than 3 million current subscribers.

    New promotion

    On July 7, 2021, Cinedigm promoted Tony Huidor, formerly Senior Vice President of Product & Technology and General Manager of Digital Networks, to Chief Technology & Product Officer at Cinedigm.

    Huidor has managed the launch and daily operations of the Company’s portfolio of subscription and ad-supported digital-first channels, since joining Cinedigm in 2015.

    Launching of Elvis Presley Channel

    On June 30, 2021, Cinedigm signed a partnership deal with Elvis Presley Enterprises to launch The Elvis Presley channel.

    The Elvis Presley Channel will show Elvis Presley archival content and specials, as well as musical content from some of the most influential rock ‘n roll artists that inspired the music industry.

    Conclusion

    The preliminary financial results announcement could be the reason behind its turnaround in the after-hours and we expect it to continue its surge in the coming days as well.