Form 8-K - Current report
August 14 2024 - 5:10PM
Edgar (US Regulatory)
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2024-08-12
2024-08-12
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current
Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): August 12, 2024
DOLPHIN
ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
Florida |
001-38331 |
86-0787790 |
(State
or other jurisdiction |
(Commission
|
(IRS
Employer |
of
incorporation) |
File
Number) |
Identification
No.) |
150
Alhambra Circle, Suite 1200,
Coral Gables, Florida
33134
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area
code (305) 774
-0407
Not Applicable
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
☐ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
Securities registered pursuant to Section 12(b) of
the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.015 par value per share |
|
DLPN |
|
The Nasdaq
Capital Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On
August 12, 2024, Dolphin Entertainment Inc. (the “Company”) received a deficiency notice from The Nasdaq Stock Market
(“Nasdaq”) informing the Company that its common stock, par value $0.015 per share (the “Common Stock”),
fails to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2)
based upon the closing bid price of the Common Stock for the 30 consecutive business days prior to the date of the notice from Nasdaq.
Nasdaq’s
notice has no immediate effect on the listing of the Common Stock on The Nasdaq Capital Market and, at this time, the Common Stock will
continue to trade on The Nasdaq Capital Market under the symbol “DLPN”. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the
Company has been provided an initial compliance period of 180 calendar days, or until February 10, 2025, to regain compliance with the
minimum bid price requirement. To regain compliance, the closing bid price of the Common Stock must meet or exceed $1.00 per share for
a minimum of ten consecutive business days prior to February 10, 2025.
If
the Company is unable to regain compliance by February 10, 2025, the Company may be eligible for an additional 180 calendar day compliance
period to demonstrate compliance with the minimum bid price requirement. To qualify, the Company will be required to meet the continued
listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with
the exception of the minimum bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency
during the second compliance period. If the Company does not qualify for the second compliance period or fails to regain compliance during
the second 180 calendar day period, Nasdaq will notify the Company of its determination to delist the Common Stock, at which point the
Company would have an opportunity to appeal the delisting determination to a Hearings Panel.
The
Company intends to monitor the closing bid price of its Common Stock and is considering its options to regain compliance with the minimum
bid price requirement under the Nasdaq Listing Rules, including holding its 2024 annual meeting of shareholders on September 24, 2024
(the “Annual Meeting”). At the Annual Meeting, the Company will seek shareholder approval for the option to implement
a reverse stock split of the Company’s Common Stock at a ratio of 1-for-2 (the “Reverse Stock Split”).
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
|
Description |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
DOLPHIN ENTERTAINMENT, INC. |
|
|
|
|
Date: August 14, 2024 |
|
|
|
By: |
|
/s/
Mirta A. Negrini |
|
|
|
|
|
|
Mirta A. Negrini |
|
|
|
|
|
|
Chief Financial and Operating Officer |
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