RLJ Entertainment Regains NASDAQ Compliance20 Oct, 2016 By: Erik Gruenwedel
RLJ Entertainment Oct. 20 announced its stock has regained compliance from The Nasdaq Stock Market, which involved meeting a required minimum of $2.5 million in stockholders’ equity.
In April, RLJ Entertainment, which was created in 2012 by B.E.T. founder Robert Johnson following the merger of Image Entertainment and Acorn Media Group, informed Nasdaq it did not meet the trading board’s required equity.
In October, RLJ Entertainment notified Nasdaq it had met compliance requirements following a series of transactions, including a 1-for-3 reverse stock split of its common stock.
"Maintaining a listing on Nasdaq Capital Market is an instrumental part of our overall corporate strategy," CFO Nazir Rostom said in a statement. "The board and senior management team have taken great steps to regain Nasdaq compliance and we are grateful for our investors' continued support while overcoming this obstacle."
RLJ Entertainment this week announced a possible majority-stake sale to AMC Networks.