Image Files Appeal, Remains Listed on NASDAQ28 Dec, 2009 By: Erik Gruenwedel
Financially challenged Image Entertainment has formally appealed a notification by the NASDAQ stock market listing qualifications department, and continues to trade its publicly owned shares, according to a spokesperson.
Chatsworth, Calif.-based Image, which last week approved the sale of $30 million in newly authorized Series B and Series C preferred stock to affiliates of private investors, had been informed Dec. 18 by NASDAQ that its shares would be suspended Dec. 24.
Image shares Dec. 28 closed up 5.1% to nearly 27 cents per share.
Separately, Image is treading softly satisfying mainstream media interest in the Jan. 19 DVD/Blu-ray Disc release of Across the Hall, the micro-budget thriller starring deceased actress Brittany Murphy.
The actress died suddenly Dec. 20 at her Los Angeles home of apparent cardiac arrest.
Television and online media outlets have sought video clips of Murphy in recent and forthcoming projects, and Hall, which also stars Danny Pino (CBS TV’s “Cold Case”), fit the bill, said Steven DeMille, SVP of marketing at Image.
Image has clips from three Murphy titles released over the past 16 months, including The Ramen Girl and Love and Other Disasters.
“We’re shocked and saddened [by her passing] and we want to be sensitive about this,” DeMille said. “We’re not doing anything to promote [the movies] other than the media requests.”
Online reports said Redbox had removed promotional posters for First Look Studios’ Dec. 1 release Deadline, which depicted the actress apparently deceased in a bathtub.