Loop Media, Inc.(NYSE: LPTV), a provider of help supply services, has announced its common stock will be delisted from the NYSE American, LLC. The company, which traded under the symbol LPTV, received a notice from NYSE Regulation on August 8, 2024, citing the unsuitability for listing based on the low selling price of its common stock.
The company has decided not to appeal the decision and on August 15, 2024, the NYSE American filed a Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934.
The delisting is expected to become effective ten days following the filing of Form 25, with deregistration under Section 12(b) to follow ninety days post-filing, or sooner if determined by the SEC.
Following the suspension of trading on the NYSE American, Loop Media's stock began trading on the OTC Pink Market on August 9, 2024. However, there is no guarantee that trading in this market will continue.
Loop Media, headquartered in Burbank, California, and incorporated in Nevada, operates under the organization name 07 Trade & Services. The company's fiscal year ends on September 30, and it is identified by the IRS number 473975872.
InvestingPro Insights
In light of Loop Media, Inc.'s recent delisting from the NYSE American and transition to the OTC Pink Market, a closer examination of the company's financial health and market performance, courtesy of InvestingPro, may offer investors additional context. Loop Media has been operating with a significant debt burden and analysts anticipate a sales decline in the current year. These challenges are reflected in the company's recent performance, with a notable price total return decrease of -93.78% over the last year.
InvestingPro data further highlights the company's financial struggles, with a market capitalization of just 7.09M USD and a negative revenue growth of -36.46% in the last twelve months as of Q3 2024. Additionally, the company's stock has recently experienced high price volatility, which could be a concern for potential investors.
For those considering the stock's future prospects, it's worth noting that Loop Media is trading at a low revenue valuation multiple and does not pay a dividend to shareholders. Investors looking for more detailed analysis and additional InvestingPro Tips can find them at https://www.investing.com/pro/LPTV, where a total of 16 tips are available to help inform their investment decisions.
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