Business Context and Reporting Period
Company: Entravision Communications Corporation (EVC)
Filing Type: Form 8-K (Current Report)
Date of Report: April 1, 2021 (Event Date)
Reporting Period: Fiscal year ended December 31, 2020 (subject of the delisting notice)
Key Financial Metrics
This filing is a current report regarding regulatory compliance and does not contain financial statements. Consequently, specific values for revenue, profit, cash flow, margins, debt, and liquidity are not provided in this document.
Material Changes and Events
- Delisting Notice: On April 1, 2021, the Company received a notice from the New York Stock Exchange (NYSE) stating it was not in compliance with continued listing requirements under Section 802.01E of the NYSE Listed Company Manual.
- Reason for Non-Compliance: Failure to timely file the Annual Report on Form 10-K for the fiscal year ended December 31, 2020, by the original due date or the extended deadline under Rule 12b-25.
- Grace Period: The NYSE granted the Company six months from March 31, 2021, to file the overdue Form 10-K.
- Cause of Delay: The Company attributed the delay to unexpected audit completion issues stemming from expanding business operations, specifically the acquisition of a majority interest in Cisneros Interactive.
Guidance, Outlook, and Risks
- Management Commentary: The Company states it is working diligently to complete the audit and anticipates filing the Form 10-K soon.
- Forward-Looking Statements: The filing includes a disclaimer that actual results, including the time required to complete the audit and file the 10-K, may differ materially from current expectations.
- Risks: The primary risk identified is the potential failure to file the Form 10-K within the six-month grace period, which could result in delisting from the NYSE.
Investor Verification Checklist
- Verify the current status of the Form 10-K for the fiscal year ended December 31, 2020, to ensure it was filed within the six-month grace period.
- Confirm whether the Company has received any further correspondence from the NYSE regarding its listing status.
- Review the eventual Form 10-K filing to understand the financial impact of the Cisneros Interactive acquisition and the reasons for the audit delay.
- Check for any subsequent press releases or 8-K filings regarding the resolution of the delisting notice.