DOUGLAS, Isle of Man and BURBANK, CA, February 22, 2022–(BUSINESS WIRE)–Eros STX Global Corporation (NYSE: ESGC) (“ErosSTX”, the “Company”) today announced that the New York Stock Exchange (“NYSE”) has granted the Company an extension through May 31, 2022, subject to continued reassessment, to complete and file with the Securities and Exchange Commission its annual report on Form 20-F for the fiscal year ended March 31, 2021 and any subsequent deferred filings.
The NYSE has informed the Company that it will closely monitor the Company’s progress with the interim milestones that the Company has previously submitted to the NYSE. Failure to meet these intermediate steps could result in an accelerated suspension of trading before May 31, 2022.
The NYSE has separately notified the Company that it is again in compliance with the NYSE minimum trading price requirement. The Company regained compliance on February 21, 2022 because the closing price of its common stock was above $1.00 and the average closing price of the stock over the previous 30 consecutive trading day period was also above $1.00. In the event that the Company falls below the thresholds again, the Company will be subject to immediate review by the NYSE.
About Eros STX Global Corporation
Eros STX Global Corporation (NYSE: ESGC) is a global entertainment company that acquires, co-produces and distributes movies, digital content and music in multiple formats such as cinema, television and OTT digital media streaming to consumers of the whole world. Eros International Plc changed its name to Eros STX Global Corporation following the July 2020 merger with STX Entertainment, merging two international media and entertainment groups to create a global entertainment company present in over 150 countries. ErosSTX delivers quality feature films and episodic content across a multitude of platforms at the intersection of the world’s most dynamic and fastest growing markets, including the United States, India, the Middle East, India, and the United States. Asia and China. For more information, please visit ErosSTX.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
The information provided in this communication includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. amended, and such statements are subject to the safe harbors thus created. Generally, these forward-looking statements can be identified by the use of forward-looking words such as “approximately”, “anticipate”, “believe”, “estimate”, “continue”, “could”, “expect”, “future,” “intend”, “may”, “plan”, “potential”, “predict”, “project”, “seek”, “should”, “will”, “trend”, and similar expressions These statements include, among other things, discussions of the Company’s business strategy and expectations regarding its and the Company’s future market position and operations.All such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those we expect, including, without limitation: our ability to source movie content successfully and profitably; the Company’s ability to achieve the rate desired growth of Eros Now; our c ability to maintain or raise sufficient capital; delays, cost overruns, cancellation or abandonment of the completion or release of the Company’s films; our ability to predict the popularity of its films or changing consumer tastes; our ability to retain existing rights and acquire new rights to film content; our ability to successfully defend any future class action lawsuits in which we are a party in the United States; anonymous letters to regulators or business associates or anonymous social media allegations regarding the Company’s business practices, accounting practices and/or officers and directors; our ability to recover the full amount of box office receipts to which it is entitled due to under-reporting of box office receipts by theater exhibitors; our reliance on our relationships with movie theater exhibitors and other industry participants to exploit the Company’s movie content; our ability to mitigate distribution and collection risks in international markets; our ability to compete with other forms of entertainment; our ability to fight piracy and protect our intellectual property; our ability to maintain an effective system of internal control over financial reporting; contingent liabilities that may materialize, our exposure to liabilities due to adverse judgments/decisions in legal proceedings involving the Company or its subsidiaries and certain of its directors and officers; our ability to successfully respond to technological changes; our ability to service our debts, fund working capital and pay dividends; monetary and fiscal policies of countries around the world, inflation, deflation, unexpected turbulence in interest rates, foreign exchange rates, stock prices or other rates or prices; our ability to address the risks associated with acquisition opportunities; the risks that the ongoing novel coronavirus pandemic and its spread, and related public health measures, could have a material adverse effect on our business, financial condition, results of operations and/or cash flows; the occurrence of any event, change or other circumstance that may cause the purchase agreement to be terminated or the closing conditions to be breached; the possibility that the completion of the transactions contemplated by the purchase agreement may be delayed or not occur; uncertainty as to whether the parties will be able to complete the transactions contemplated by the purchase agreement on the terms set forth therein; the outcome of any legal proceedings that may be brought against the parties or others as a result of the announcement of the transactions contemplated by the purchase agreement; challenges, disruptions and transaction costs contemplated by the purchase agreement and related transactions; the risks that the transactions contemplated by the purchase agreement will disrupt ongoing plans and operations that could adversely affect the Company’s business; the amount of all costs, fees, expenses, depreciation and charges related to the transactions contemplated by the purchase agreement; uncertainty as to the effects of the announcement or expectation of the transactions contemplated by the purchase agreement and related transactions on the market price of the Company’s A Ordinary Shares and/or on the financial performance of the Company ; completion of planned refinancing or strategic operations; uncertainty as to the long-term value of the Company’s common stock; the completion of the Company’s 2021 fiscal year audit and the filing of its annual report on Form 20-F; and the effect of a reverse stock split.
The forward-looking statements contained in this communication are based on historical performance and management’s current plans, estimates and expectations in light of currently available information and are subject to uncertainties and changes in circumstances. There is no guarantee that future developments affecting the Company will be those which it has anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors, many of which are beyond the control of the Company. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, the Company’s actual results could differ in material respects from what the Company might have expressed or implied. in these forward-looking statements. The Company cautions you not to place undue reliance on any of its forward-looking statements. Any forward-looking statement made by the Company in this communication speaks only as of the date on which the Company makes it. Factors or events that could cause the Company’s actual results to differ may arise from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws.
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Executive Vice President, Investor Relations, Business Development and Corporate Finance
Eros STX Global Corporation