Associated tags: Amazon Fire, Television, Samsung, Apple TV, Advertising, ShopHQ
Locations: CANADA, GERMANY, ARMSTRONG, UNITED STATES, NORTH AMERICA, MINNESOTA, DELAWARE
Retrieved on:
Wednesday, August 16, 2023
Communications,
Media,
Sale,
LLP,
Bankruptcy,
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Huron Consulting Group,
IV,
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Manufacturing execution system,
PLLC,
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Official Committee of Equity Security Holders,
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Unsecured creditor,
Christopher & Banks Global media company iMedia Brands, Inc. (the “Company” or “iMedia”) (OTC: IMBIQ) today announced that it has successfully closed its Asset and Equity Purchase Agreement (“AEPA”) with IV Media, LLC (“IV Media”), a subsidiary of Innovation Ventures, LLC, the producer and distributor of 5-hour ENERGY® shots.
Key Points:
- Global media company iMedia Brands, Inc. (the “Company” or “iMedia”) (OTC: IMBIQ) today announced that it has successfully closed its Asset and Equity Purchase Agreement (“AEPA”) with IV Media, LLC (“IV Media”), a subsidiary of Innovation Ventures, LLC, the producer and distributor of 5-hour ENERGY® shots.
- Through the AEPA, IV Media has acquired substantially all assets of iMedia Brands on a going-concern basis, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W.
- “On behalf of iMedia, I am pleased to announce the purchase of iMedia’s operating assets by IV Media,” said James Alt, Chief Transformation Officer, iMedia.
- With IV Media’s partnership, iMedia will continue delivering customers the diverse range of brands they desire through captivating content.
Media,
Communications,
Other Communications,
Public Relations,
Investor Relations,
Bankruptcy,
Advertising,
Huron Consulting Group,
General Motors Chapter 11 reorganization,
Chapter 11, Title 11, United States Code,
Culture,
Manufacturing execution system,
United States bankruptcy court,
Ropes & Gray,
Sale,
RNN,
Tunnell,
Christopher & Banks,
Cryptocurrency,
Security (finance) Global media company iMedia Brands, Inc. (the “Company” or “iMedia”) (NASDAQ: IMBI, IMBIL) today announced that it has entered into an asset and equity purchase agreement (the “AEPA”) with an affiliate of RNN National Media Group (“RNN”), a privately owned portfolio of independent broadcast assets and production and distribution capabilities, to sell substantially all of the Company’s assets, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W.
Key Points:
- Global media company iMedia Brands, Inc. (the “Company” or “iMedia”) (NASDAQ: IMBI, IMBIL) today announced that it has entered into an asset and equity purchase agreement (the “AEPA”) with an affiliate of RNN National Media Group (“RNN”), a privately owned portfolio of independent broadcast assets and production and distribution capabilities, to sell substantially all of the Company’s assets, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W.
- Our employees, vendors, partners, and hosts remain our priority as we work together to position the business for its next chapter."
- “As an incredibly important player in the retail space with strong customer relationships, iMedia is poised for unprecedented success as part of the RNN portfolio.
- Fried, Frank, Harris, Shriver & Jacobson LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal counsel to RNN.
Advertising,
Entertainment,
Communications,
Technology,
TV and Radio,
Electronic Commerce,
Media,
Note,
Bankruptcy,
Chapter 11, Title 11, United States Code,
Debt-to-GDP ratio,
Form 10-K,
Sale,
Bankruptcy Code,
Form,
United States bankruptcy court,
Cryptocurrency Nasdaq informed the Company that trading in its common stock and its 8.5% Senior Notes due 2026 will be suspended at the opening of business on July 10, 2023.
Key Points:
- Nasdaq informed the Company that trading in its common stock and its 8.5% Senior Notes due 2026 will be suspended at the opening of business on July 10, 2023.
- The Company voluntarily filed petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on June 28, 2023, to continue pursuing strategic alternatives.
- The company will be continuing its prepetition sale process under Chapter 11 protection.
- iMedia will use its SEC filings and press releases for its updates for the foreseeable future.
Neither Nasdaq Notice has an immediate effect on the listing or trading of the Company's shares of common stock, though Nasdaq will broadcast an indicator over its market data dissemination network noting the Company's non-compliance.
Key Points:
- Neither Nasdaq Notice has an immediate effect on the listing or trading of the Company's shares of common stock, though Nasdaq will broadcast an indicator over its market data dissemination network noting the Company's non-compliance.
- In its most recent Nasdaq Notice, Nasdaq reiterated the Company has until July 3, 2023, to submit a plan to regain compliance with the Rule.
- However, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq.
- If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.
The NASDAQ Notice has no immediate effect on the listing or trading of the Company's shares of common stock, though NASDAQ will broadcast an indicator over its market data dissemination network noting the Company's noncompliance.
Key Points:
- The NASDAQ Notice has no immediate effect on the listing or trading of the Company's shares of common stock, though NASDAQ will broadcast an indicator over its market data dissemination network noting the Company's noncompliance.
- Nasdaq has informed us that the Company has until July 3, 2023, to submit a plan to regain compliance with the Rule.
- However, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq.
- If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.
MINNEAPOLIS, April 20, 2023 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the “Company” or “iMedia”) (NASDAQ: IMBI, IMBIL) today announced it has selected Lincoln International (“Lincoln”) as its investment banker and Advisor to manage and complete a refinancing of the Company’s current Asset-Based Lending (“ABL”) revolving credit facility.
Key Points:
- MINNEAPOLIS, April 20, 2023 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the “Company” or “iMedia”) (NASDAQ: IMBI, IMBIL) today announced it has selected Lincoln International (“Lincoln”) as its investment banker and Advisor to manage and complete a refinancing of the Company’s current Asset-Based Lending (“ABL”) revolving credit facility.
- “Lincoln International has an impressive track record of helping companies improve their capital structure, working aggressively, and thinking outside of the box,” said Tim Peterman, CEO of iMedia.
- “We look forward to Lincoln helping us refinance our existing ABL revolving credit facility as the next logical step in achieving our chief priority of improving our balance sheet.
- As of April 10, the Company estimated it had $29 million outstanding under the credit facility.
Retrieved on:
Wednesday, April 12, 2023
MINNEAPOLIS, April 12, 2023 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the “Company” or “iMedia”) (NASDAQ: IMBI, IMBIL) today announced results for the fourth quarter and full-year ended January 28, 2023.
CEO Commentary – Tim Peterman, CEO
Key Points:
- CEO Commentary – Tim Peterman, CEO
“We appreciate our investors and other stakeholders’ patience with us over these past several weeks, and I personally apologize for this delay.
- We are in the final stages of completing five financing transactions that we intend to close simultaneously.
- When completed, these transactions will materially decrease our outstanding debt and improve our credit profile as a Company.
- The Company will report its financial results in a press release prior to the conference call.
MINNEAPOLIS, March 27, 2023 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the “Company”) (NASDAQ: IMBI, IMBIL) announced today it has moved its earnings release date to April 10, 2023.
Key Points:
- MINNEAPOLIS, March 27, 2023 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the “Company”) (NASDAQ: IMBI, IMBIL) announced today it has moved its earnings release date to April 10, 2023.
- The reason for the change is to provide additional time for the Company to keep its management resources focused on the closing of the sale-leaseback transaction, which is currently in process.
- The Company will now hold a conference call and webcast on Monday, April 10, at 8:30 a.m. Eastern time to discuss its financial results for the fourth quarter and full-year ended January 28, 2023.
- The Company will report its financial results in a press release prior to the conference call.
MINNEAPOLIS, March 20, 2023 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the “Company”) (NASDAQ: IMBI, IMBIL) announced today it has moved its earnings release date to March 28, 2023.
Key Points:
- MINNEAPOLIS, March 20, 2023 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the “Company”) (NASDAQ: IMBI, IMBIL) announced today it has moved its earnings release date to March 28, 2023.
- The reason for the change is for the Company to keep its management resources focused on the completion of the sale-leaseback transaction, which is currently in process.
- The Company will now hold a conference call and webcast on Tuesday, March 28, at 8:30 a.m. Eastern time to discuss its financial results for the fourth quarter and full-year ended January 28, 2023.
- The Company will report its financial results in a press release prior to the conference call.
