VANCOUVER, British Columbia, March 04, 2022 (GLOBE NEWSWIRE) — Liquid Media Group Ltd. (“the Company”, “Liquid Media” or “Liquid”) (Nasdaq: YVR) today announced that it has received a written notice (the “Notice”) from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) indicating that the Company is in breach of the minimum offering price requirement of $1.00 per share under the Nasdaq Listing Rules (the “Listing Rules”). Based on the closing bid price of the Company’s listed securities during the last 30 consecutive business days from January 14, 2022 through February 28, 2022, the Company no longer meets the minimum bid price requirement set forth in the Listing Rule. 5550(a)(2). The notice is only a notification of deficiency, not of impending action, and has no actual effect on the listing or trading of the company’s securities on the Nasdaq Capital Markets.
The notice states that under Listing Rule 5810(c)(3)(A), the company has a compliance period of 180 calendar days, or until August 29, 2022, to regain the compliance with registration rules. To restore compliance with the listing rules, the company’s common stock must be at least US$1.00 for at least ten consecutive business days. In the event that the Company does not regain compliance by August 29, 2022, the Company may be eligible for additional time to regain compliance or may be subject to debarment.
The Company intends to monitor the closing bid price of its common stock by August 29, 2022 and assess its available options to return to compliance during the compliance period.
In addition, the Company has received notices of default from the British Columbia Securities Commission (“BCSC”) for failure to timely file its annual information form, annual financial statements, discussions and analysis of related management and management certifications in this regard. The company has experienced unexpected delays in consolidating financial information and completing purchase accounting for its recently acquired businesses, but expects to be able to make all required filings in the coming weeks and will provide updates. timely update.
“We remain confident in Liquid’s business strategy and the synergies and revenues from our recently closed acquisitions,” said Ron Thomson, CEO of Liquid. “Our team is committed to reviewing all available options to restore compliance with the Bid Price Rule and to comply with BSCS requirements, and we appreciate our investors’ continued support during this time.”
About Liquid Media Group Ltd.
Liquid Media Group Ltd. (Nasdaq: YVR) is a business solutions company that empowers independent IP creators. Liquid’s end-to-end solution will enable the creation, packaging, financing, delivery and monetization of professional video (film/TV and streaming), allowing IP creators to take their professional content from creation to whole process until monetization.
Liquid’s blockchain framework, developed with Eluvio, enables independent producers and content creators to leverage blockchain technology and NFTs to reach new audiences, achieve decentralized distribution at lower cost, access funding for the production, sell merchandise and other special access experiences, and stream directly to global audiences on their own terms.
Additional information is available at www.LiquidMediaGroup.co.
Further information :
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Caution Regarding Forward-Looking Statements
This press release contains statements containing certain “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are generally identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “potentially” and similar expressions, or are those which, by their nature, refer to future events. These statements include, but are not limited to, that the Company will regain compliance with Nasdaq listing requirements, file its annual filings for fiscal 2021, and should not be construed as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those implied by such statements. These factors include, but are not limited to, developments related to the COVID-19 pandemic, regulatory actions, market prices, the continued availability of capital and funding, and general economic, market or business, as well as additional risks disclosed in the annual and quarterly financial reports available at www.sedar.com. and www.sec.gov. Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management as of the date the statements are made. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. expressly requires.