Cineverse Corp 8-K, filed Jul 15, 2021
Cineverse Corp. (CNVS)
About this 8-K
Cineverse Corp filed this 8-K on July 15, 2021, reporting on events of July 14, 2021.
Items reported
- Item 1.02: Ended a material agreement
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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| Item 1.02 | Termination of Material Definitive Agreement. |
Effective July 14, 2021, the Term Loan Agreement dated February 28, 2013 (as amended or otherwise modified, the “Prospect Loan Agreement”), among Cinedigm DC Holdings, LLC, Access Digital Media, Inc., Access Digital Cinema Phase 2, Corp., Christie/AIX, Inc., Cinedigm Digital Funding I, LLC, certain Lenders, and Prospect Capital Corporation, as administrative agent and collateral agent, was terminated after the prepayment of all of the outstanding obligations in respect of principal, interest, fees and expenses thereunder.
On July 14, 2021, Cinedigm Corp. issued a press release announcing the termination of the Prospect Loan Agreement, attached hereto as Exhibit 99.1 and incorporated by reference herein.
| Item 9.01 |
Financial Statements and Exhibits |
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release, dated July 14, 2021, announcing termination of Prospect Loan Agreement. |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| CINEDIGM CORP. | ||
| Dated: July 15, 2021 | By: | /s/ Gary S. Loffredo |
| Gary S. Loffredo President, Chief Operating Officer, General Counsel and Secretary | ||
2
Exhibit 99.1
Cinedigm Announces Approximately $3.5 Million in
Debt Reduction with Final Payoff of Non-Recourse Loan from Prospect Capital Corporation
Company Now Has Completely Eliminated All Debt Balances
Los Angeles, CA / July 14, 2021 / Cinedigm (NASDAQ: CIDM), the leading independent streaming company super-serving enthusiast fan bases, announced today that the Company has paid off the remainder of its Prospect Digital Cinema loan in the amount of approximately $3.5 Million, effective July 9, 2021. Revenue from the sale of certain digital cinema equipment enabled the debt reduction and balance sheet improvement.
“With this final payoff of our non-recourse loan from Prospect, we are now completely debt free,” said Gary Loffredo, President, Chief Operating Officer & General Counsel of Cinedigm. “We reduced our debt balance to zero from almost $49 Million at the end of the last fiscal year. Our strong debt-free balance sheet sets us up to support our rapidly growing streaming business and accretive acquisition roll up strategy.”
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About Cinedigm:
For more than twenty years, Cinedigm (NASDAQ: CIDM) has led the digital transformation of the entertainment industry. Today, Cinedigm entertains hundreds of millions of consumers around the globe by providing premium content, streaming channels and technology services to the world’s largest media, technology and retail companies. For more information, visit http://www.cinedigm.com/.
Cinedigm uses, and will continue to use, its website, press releases, SEC filings, and various social media channels, including Twitter (https://twitter.com/cinedigm), LinkedIn https://www.linkedin.com/company/cinedigm/), Facebook (https://facebook.com/Cinedigm), StockTwits (https://stocktwits.com/CinedigmCorp) and the Company website (www.cinedigm.com) as additional means of disclosing public information to investors, the media and others interested in the Company. It is possible that certain information that the Company posts on its website, disseminated in press releases, SEC filings, and on social media could be deemed to be material information, and the Company encourages investors, the media and others interested in the Company to review the business and financial information that the Company posts on its website, disseminates in press releases, SEC filings and on the social media channels identified above, as such information could be deemed to be material information.
PRESS CONTACT FOR CIDM:
High Touch Investor Relations
Cinedigm@htir.net