Cheer Holding, Inc. (formerly Glory Star New Media Group Holdings Limited) — Form 6-K Summary
Business Context and Reporting Period
This Form 6-K covers the month of September 2023 and was filed on September 20, 2023. The filing concerns the company’s continued listing status on The Nasdaq Capital Market. The ordinary shares trade under the symbol “GSMG.”
Key Financial Metrics
The filing does not provide financial statements or clear values for revenue, profit, cash flow, margins, debt, liquidity, or other operating metrics.
Material Changes and Listing Compliance
- On September 19, 2023, Nasdaq granted the company an additional 180 calendar days, through March 18, 2024, to regain compliance with Nasdaq’s $1.00 minimum bid price requirement under Marketplace Rule 5550(a)(2).
- The company did not regain compliance during the initial compliance period, which ended September 18, 2023.
- Nasdaq’s decision was based on the company meeting the market value of publicly held shares requirement and all other applicable initial listing requirements, except the minimum bid price requirement.
- To regain compliance, the ordinary shares must close at or above $1.00 per share for at least 10 consecutive business days during the additional compliance period.
Outlook, Risks, and Unusual Items
- The company stated that it intends to monitor its closing bid price and may consider available measures, including a reverse share split, if appropriate.
- There is no assurance that the company will regain compliance or maintain compliance with Nasdaq’s other listing requirements.
- The Nasdaq notice had no immediate effect on the listing, and the ordinary shares continued to trade on Nasdaq under “GSMG.”
Facts Investors Should Verify
- Whether the company achieved a closing bid price of at least $1.00 for 10 consecutive business days by March 18, 2024.
- Whether a reverse share split or another remedial action was implemented.
- Whether the company satisfied all other Nasdaq continued-listing requirements.
- The filing’s referenced Exhibit 99.1 press release dated September 20, 2023, for additional company commentary.