Function(x) Inc. Compliant with Nasdaq Listing Criteria
November 07 2016 - 4:30PM
Business Wire
Function(x) Inc. (FNCX) (the “Company”) today announced
that on November 1, 2016, the Company was formally notified by the
Nasdaq Hearings Panel (the “Panel”) that the Company has evidenced
compliance with all requirements for continued listing on The
Nasdaq Capital Market, including the minimum $1.00 bid price and
$2.5 million stockholders’ equity requirements. The Panel further
indicated, however, that the Company will remain subject to a
“Panel Monitor” as that term is defined under Nasdaq Listing Rule
5815(d)(4)(A), through November 1, 2017. On February 23, 2016, the
Company received notice from the Staff indicating that the Company
did not satisfy the minimum stockholders’ equity requirement and
that its securities were therefore subject to delisting. The
Company appealed the Staff’s determination and appeared before the
Panel in March 2016, subsequent to which the Panel ultimately
issued the November 1, 2016 determination regarding the Company’s
continued listing on The Nasdaq Capital Market.
Under the terms of the Panel Monitor, in the event the Company’s
stockholders’ equity falls below $2.5 million during the monitor
period and the Company does not qualify for continued listing under
an alternative to the stockholders’ equity requirement, the Panel
will promptly conduct a hearing with respect to the stockholders’
equity deficiency. Furthermore, in the event the Company fails to
comply with any other requirement for continued listing during the
monitoring period, the Company will be provided written notice of
the deficiency and an opportunity to present a definitive plan to
regain compliance directly to the Panel. That is, the Company will
not be permitted to provide the Nasdaq Listing Qualifications Staff
(the “Staff”) with a plan of compliance with respect to any
deficiency that arises during the monitor period, and the Staff
will not be permitted to grant additional time to the Company to
regain compliance with any requirement, notwithstanding Nasdaq
Listing Rule 5810(c).
About Function(x) Inc.
Function(x) operates Wetpaint.com, the leading online
destination for entertainment news for millennial women, covering
the latest in television, music, and pop culture and Rant, a
leading digital publisher with original content in 13 different
verticals, most notably in sports, entertainment, pets, cars and
food. Function(x) Inc. is also the largest shareholder of DraftDay
Gaming Group, which is well-positioned to become a significant
participant in the expanding fantasy sports market, offering a
high-quality daily fantasy sports experience both directly to
consumers and to businesses desiring turnkey solutions to new
revenue streams. Function(x) Inc. also owns Choose Digital, a
digital marketplace platform that allows companies to incorporate
digital content into existing rewards and loyalty programs in
support of marketing and sales initiatives. For more information,
visit www.functionxinc.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated. All
information provided in this press release is as of the date of
this release. Except as required by law, Function(x), Inc.
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20161107006548/en/
For Function(x):Investors:Birame Sock, 212-231-0092President
& Chief Operating Officerbsock@functionxinc.comorMedia
Relations:IRTH CommunicationsRobert Haag, 866-976-4784Managing
Partner