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Redbox Owner Receives Nasdaq Delisting Warning for Not Filing Quarterly Fiscal Result

Redbox Owner Receives Nasdaq Delisting Warning for Not Filing Quarterly Fiscal Result

Chicken Soup for the Soul Entertainment, parent of Redbox, Nov. 22 announced it has received notice from the Nasdaq indicating it is not in compliance with the stock trading board’s listing rules.

Specifically, Nasdaq said Chicken Soup has not filed its Form 10-Q for the fiscal period ended Sept. 30, 2023, with the Securities and Exchange Commission (“SEC”). The Notice does not immediately affect the listing or trading of the company’s securities. According to Nasdaq, the Chicken Soup was required to file Form 10-Q by Nov. 14, 2023.

Under Nasdaq rules, Chicken Soup has 60 calendar days from receipt of the notice to submit a plan to regain compliance. If Nasdaq accepts the plan, then it may grant an exception of up to 180 calendar days (May 20, 2024) to regain compliance. If Nasdaq does not accept Chicken Soup’s plan, it can appeal the decision to a Nasdaq hearings panel.

Chicken Soup said it is working diligently to complete the Form 10-Q and anticipates filing the Form 10-Q as soon as possible. Separately, the company’s stock valuation currently sits at 29 cents per share, well below Nasdaq’s $1-per-share minimum.

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