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Liquid Media Group Ltd. (the "Company") (NASDAQ:YVR) today announced that on August 21, 2023, the Company was notified by The Nasdaq Stock Market LLC ("Nasdaq") that, based upon the Company's continued non-compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), and the filing requirement set forth in Nasdaq Listing Rule 5250(c)(1), the Company's securities will be suspended from trading on Nasdaq effective with the open of business on Wednesday, August 23, 2023. Following the lapse of any applicable Nasdaq review and appeal periods, Nasdaq will file a Form 25 to formally effect the delisting of the Company's securities from the exchange.
The Company is seeking to have its common shares quoted on the OTC Markets system (www.OTCMarkets.com). Further information on this transition will follow as it becomes available.
The Company was previously granted an extension through August 28, 2023, to regain compliance with both the bid price and filing requirements. On August 7, 2023, the Company implemented a reverse stock split in an effort to remedy the bid price deficiency; however, the Company's closing bid price remains below the minimum Nasdaq threshold of US$1.00 per share, thereby rendering the Company unable to satisfy the bid price requirement – by evidencing a closing bid price of at least US$1.00 per share for the requisite minimum ten consecutive trading day period as required by the Nasdaq Listing Rules – by August 28, 2023.
The Company continues to work to resolve the late reporting from subsidiary Digital Cinema United ("DCU"), in order to bring financial statement reporting into compliance with the British Columbia Securities Commission's ("BCSC") requirements.
Posted In: YVR
