NEW
YORK, May 19, 2023 /PRNewswire/ -- Innovid
Corp. (NYSE: CTV), an independent advertising platform for
delivery, personalization and measurement of converged TV across
linear, connected TV (CTV) and digital (the "Company"), today
announced that, on May 18, 2023, it
received written notice from the New York Stock Exchange (the
"NYSE") that it is not in compliance with Section 802.01C of the
NYSE Listed Company Manual because the average closing price of the
Company's common stock was less than $1.00 per share over a consecutive 30 trading-day
period. The NYSE notice does not result in the immediate delisting
of the Company's common stock from the NYSE.
In accordance with applicable NYSE rules, the Company plans to
notify the NYSE that it intends to cure the stock price deficiency
and return to compliance with the applicable NYSE continued listing
standards. The Company can regain compliance at any time within a
six-month cure period following its receipt of the NYSE notice if,
on the last trading day of any calendar month during such cure
period, the Company has both: (i) a closing share price of at least
$1.00 and (ii) an average closing
share price of at least $1.00 over
the 30 trading-day period ending on the last trading day of the
applicable calendar month. The Company intends to remain listed on
the NYSE and may, if appropriate, consider available options for
regaining compliance, including, but not limited to, a reverse
stock split, subject to stockholder approval.
The NYSE notice has no immediate impact on the listing of the
Company's common stock, which will continue to be listed on the
NYSE during such cure period, subject to the Company's compliance
with other NYSE continued listing standards. Furthermore, the NYSE
notice is not anticipated to impact the ongoing business operations
of the Company or its reporting requirements with the U.S.
Securities and Exchange Commission.
About Innovid
Innovid (NYSE:CTV) powers
advertising delivery, personalization, measurement, and outcomes
across linear, connected TV (CTV) and digital for the world's
largest brands. Through a global infrastructure that enables
cross-platform ad serving, data-driven creative, and measurement,
Innovid offers its clients always-on intelligence to optimize
advertising investment across channels, platforms, screens, and
devices. Innovid is an independent platform that leads the market
in converged TV innovation, through proprietary technology and
exclusive partnerships designed to reimagine TV advertising.
Headquartered in New York City,
Innovid serves a global client base through offices across the
Americas, Europe, and Asia Pacific.
To learn more, visit innovid.com or follow us on LinkedIn or
Twitter.
Forward Looking Statements
This press release
includes "forward-looking statements" within the meaning of the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1996. The Company's actual results may differ from
its expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as "expect," "estimate," "project,"
"budget," "forecast," "anticipate," "intend," "plan," "may,"
"will," "could," "should," "believes," "predicts," "potential,"
"continue," "aim," and similar expressions are intended to identify
such forward-looking statements. These forward-looking statements
include, without limitation, the Company's expectations regarding
its future financial results and expected growth. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results, including Innovid's ability
to raise financing in the future, success in retaining or
recruiting officers, key employees or directors, changes in
applicable laws or regulations, Innovid's ability to maintain and
expand relationships with advertisers, decreases and/or changes in
CTV audience viewership behavior, Innovid's ability to make the
right investment decisions and to innovate and develop new
solutions, the accuracy of Innovid's estimates of market
opportunity, forecasts of market growth and projections of future
financial performance, the extent of investment required in
Innovid's sales and marketing efforts, Innovid's ability to
effectively manage its growth, the impact of the Covid19 pandemic,
the risk of continued inflation and other macroeconomic events,
acquisition related risks, and other important factors discussed
under the caption "Risk Factors" in Innovid's Annual Report on Form
10-K filed with the SEC on March 18,
2022, as such factors may be updated from time to time in
its other filings with the SEC, accessible on the SEC's website at
www.sec.gov and the Investors Relations section of Innovid's
website at investors.innovid.com. Most of these factors are outside
the Company's control and are difficult to predict. The Company
cautions not to place undue reliance upon any forward looking
statements, including projections, which speak only as of the date
made. The Company does not undertake or accept any obligation to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions or circumstances on which any such statement
is based.
Contacts:
Investor Relations
IR@innovid.com
Media
cyodice@daddibrand.com
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