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Nasdaq to delist Troika Media Group amid bankruptcy and compliance issues

EditorAmbhini Aishwarya
Published 12/08/2023, 06:21 AM
© Reuters.

NEW YORK – Troika Media Group, Inc. (TMG), a company serving industries such as insurance and entertainment, is on the verge of being delisted from Nasdaq. The exchange has decided to suspend trading of the company's securities effective December 18, after Troika filed for Chapter 11 bankruptcy protection and raised concerns regarding shareholder equity and adherence to listing standards.

The move comes as Nasdaq issued a Determination Letter under its Listing Rules authority, citing the bankruptcy proceedings and related public interest concerns as reasons for the suspension. These developments have cast doubt on the value of shareholder equity and whether TMG can meet Nasdaq's listing requirements.

Compounding TMG's troubles, the company did not file its Form 10-Q for the quarter ending September 30, which provides an independent basis for delisting according to Nasdaq regulations. This failure to file required financial documentation further undermines TMG's position on the exchange.

As a result, Nasdaq has submitted a Form 25-NSE to the Securities and Exchange Commission (SEC) to finalize the delisting, and TMG has chosen not to appeal the decision. In a press release, TMG highlighted that their forward-looking statements are subject to change and actual results may vary from their current projections. This announcement adds another layer of uncertainty for investors as they await the final outcome of the company's restructuring efforts under bankruptcy protection.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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