Loop Media, Inc Announces Expected Uplist To NYSE American Exchange and Reverse Stock Split
Glendale, CA-- Loop Media, Inc. (OTC: LPTV) (“Loop” or the “Company”), a leading multi-channel streaming platform that provides curated music video and branded entertainment channels for businesses and consumers, today announced that it will undergo an uplisting to the NYSE American and its common stock will trade on the NYSE American under the ticker “LPTV,” expected on or around September 22, 2022. The uplisting is subject to meeting all NYSE American LLC (the “NYSE American”) requirements at the time of listing and the Securities and Exchange Commission declaring effective Loop’s registration statement on Form S-1 for its previously announced underwritten public offering (the “Offering”). Currently, Loop’s common stock is publicly traded on the OTC Pink Open Market. Upon the effectiveness of the uplisting, trading of Loop’s common stock on the OTC Pink Open Market will cease.
Prior to the pricing of the Offering, Loop will consummate a reverse stock split of its outstanding shares of common stock on a 1-for-3 basis (the “Reverse Stock Split”). The Reverse Stock Split is expected to become effective around 4:01 PM ET on Tuesday, September 20, 2022, and Loop’s common stock is expected to begin trading on the OTC Pink Open Market on a split-adjusted basis under the temporary ticker symbol “LPTVD” at market open on Wednesday, September 21, 2022. The fifth character “D” will remain appended to Loop’s symbol for 20 business days or until Loop is listed on the NYSE American, whichever comes first, at which point Loop’s trading symbol will revert back to “LPTV.”
Upon effectiveness of the Reverse Stock Split, every three shares of Loop’s common stock outstanding will be converted into one share of common stock, with any fractional shares rounded up to one whole share. Accordingly, the number of shares of common stock outstanding following the reverse stock split will be reduced from 153,539,596 shares to approximately 51,179,865 shares.
This communication does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Loop Media, Inc.
Loop Media, Inc. (OTC: LPTV) is a leading multichannel streaming platform that provides curated music video and branded entertainment channels for businesses. Through its proprietary “Loop Player” for businesses, Loop Media is a leading company in the U.S. licensed to stream music videos directly to venues out-of-home (“OOH”).
Loop Media’s digital video content reaches thousands of consumers in OOH locations including bars/restaurants, office buildings, retail businesses, and on free, ad-supported TV platforms like Roku and at local gas stations on GSTV terminals and in 400,000 hotel rooms in over 1,300 hotels in the United States.
Loop is fueled by one of the largest and most important libraries that includes music videos, movie trailers and live performances. Loop Media’s non-music channels cover a multitude of genres and moods and include movie trailers, sports highlights, lifestyle and travel videos, viral videos and more. Loop Media’s streaming services generate revenue from advertising, sponsorships, integrated marketing and branded content from free-ad-supported-television (“FAST”) and from subscription offerings.
To learn more about Loop Media products and applications, please visit us online at Loop.tv
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Safe Harbor Statement and Disclaimer
This news release includes "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, including, but not limited to, Loop Media’s ability to compete in the highly competitive markets in which it operates, statements regarding Loop Media’s ability to develop talent and attract future talent, the success of strategic actions Loop Media is taking, the uplist to the NYSE American, consummation of the underwritten public offering, consummation of the Reverse Stock Split and the impact of strategic transactions. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including "will," "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although Loop Media believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. Loop Media takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by Loop Media. Loop Media’s SEC filings are available at www.sec.gov.
Loop Media Press Contact
Jon Lindsay Phillips
Loop Media Investor Contact
Sean Mansouri, CFA