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Seven Arts Entertainment Announces Common Stock Trading Suspension by NASDAQ and Potential De-Listing(July 09, 2012)
LOS ANGELES, CA -- (Marketwire) -- 07/09/12 -- Seven Arts Entertainment Inc. ("Company" or "Seven Arts") -- The Company was advised at about 8.00am PDT today, 9th July, that NASDAQ has suspended trading in the Company's common stock and has made an initial decision to de-list the Company's common stock, both based on alleged violation of NASDAQ rules regarding notification of new share issuance and NASDAQ rules regarding stockholder approval of issuance of securities with voting rights potentially in excess of 20% of the outstanding common stock voting rights, in this case arising from the issuance of the Company's Series B Preferred Stock.
NASDAQ also raised questions concerning the Proxy Statement and the voting of shares at the Company's stockholder meeting on 27th March 2012 to be detailed in a letter to be delivered to the Company later today.
NASDAQ stated that trading may resume if the Company provides adequate disclosures on the issues raised by NASDAQ.
CEO Peter Hoffman stated: "We were surprised by the NASDAQ decision just communicated to us to suspend trading and to commence the process to de-list our common stock for what we viewed as technical issues regarding compliance with NASDAQ rules regarding stockholder approval of issuance of our Series B Preferred Stock. We will make all additional disclosures requested by NASDAQ and remain confident that the actions taken at the stockholders' meeting were pursuant to our articles, bylaws and Nevada Law. We will be appealing any decision to de-list the Company's common stock."
About Seven Arts Entertainment Inc.:
Seven Arts Entertainment Inc. is the successor to Seven Arts Pictures Plc, which was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
Cautionary Information Regarding Forward-Looking Statements.
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated.
These risks and uncertainties include, but are not limited to, those relating to production and financing activities, dependence on existing management, and domestic and global economic conditions. Persons are encouraged to read the Company's periodic reports as filed with the Securities and Exchange Commission for meaningful cautionary language in respect of forward-looking statements in this press release. Interested persons are able to obtain free copies of those filings at the SEC's internet site (http://www.sec.gov). The Company does not assume any obligation to update any of these forward-looking statements.
Seven Arts Entertainment Inc.
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