Dolphin Entertainment, Inc. Announces 1-for-2 Reverse Stock Split
Rhea-AI Summary
Dolphin Entertainment, Inc. (NASDAQ:DLPN) has announced a 1-for-2 reverse stock split effective October 16, 2024, at 12:01 a.m. EDT. This move aims to regain compliance with NASDAQ's $1.00 minimum bid price requirement and increase flexibility for future business purposes. The split will reduce outstanding common stock from approximately 22.2 million to 11.1 million shares. Trading on a split-adjusted basis will begin on October 16, 2024, with a new CUSIP number: 25686H 308.
Shareholders will receive one whole share for every two shares held, with no fractional shares or cash compensation issued. The company's transfer agent, Nevada Agency and Transfer Company, will provide instructions to shareholders of record for exchanging shares. Shareholders with electronic holdings in brokerage accounts need not take action, as changes will be reflected automatically.
Positive
- Potential to regain compliance with NASDAQ's $1.00 minimum bid price requirement
- Increased flexibility for future business and financial purposes
Negative
- Reduction in the number of outstanding shares from 22.2 million to 11.1 million
- Potential shareholder confusion or dissatisfaction with the reverse split process
News Market Reaction
On the day this news was published, DLPN gained 10.42%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MIAMI, FL / ACCESSWIRE / October 14, 2024 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, today announced that the company will effect a 1-for-2 reverse split of its issued and outstanding shares of common stock. The reverse stock split will become effective October 16, 2024 at 12:01 a.m. EDT. Shares of the company's common stock will trade on a split-adjusted basis on The NASDAQ Capital Market, as of the opening of trading on Wednesday, October 16, 2024. The new CUSIP number for the Company's common stock will be 25686H 308.
The reverse stock split is being effected as part of the company's plan to regain compliance with the
When the reverse stock split becomes effective, every two shares of Dolphin Entertainment, Inc.'s common stock will be automatically combined into one new share of common stock. No fractional shares will be issued, and no cash or other consideration will be paid. Instead, the company will issue one whole share of the post-split common stock to any shareholder of record who otherwise would have received a fractional share as a result of the reverse stock split. The reverse stock split will reduce the number of shares of outstanding common stock from approximately 22.2 million shares to approximately 11.1 million shares.
Dolphin Entertainment, Inc.'s transfer agent, Nevada Agency and Transfer Company, will provide instructions to shareholders of record regarding the process for exchanging shares. Shareholders who are holding their shares in electronic form at their brokerage firms do not have to take any action as the effects of the reverse stock split will automatically be reflected in their brokerage accounts.
About Dolphin Entertainment, Inc.
Dolphin Entertainment, Inc. (NASDAQ:DLPN), founded in 1996 by Bill O'Dowd, has evolved from its origins as an Emmy-nominated television, digital, and feature film content producer to a company with three dynamic divisions: Dolphin Entertainment, Dolphin Marketing, and Dolphin Ventures.
Dolphin Entertainment: This legacy division, where it all began, has a rich history of producing acclaimed television shows, digital content, and feature films. With high-profile partnerships like IMAX and notable projects including "The Blue Angels," Dolphin Entertainment continues to set the standard in quality storytelling and innovative content creation.
Dolphin Marketing: Established in 2017, this division has become a powerhouse in public relations, influencer marketing, branding strategy, talent booking, and special events. Comprising top-tier companies such as 42West, The Door, Shore Fire, Special Projects, and The Digital Dept., Dolphin Marketing serves a wide range of industries, from entertainment, music and sports to hospitality, fashion and consumer products.
Dolphin Ventures: This division leverages Dolphin's best-in-class cross-marketing acumen and business development relationships to create, launch and/or accelerate innovative ideas and promising products, events and content in our areas of expertise. Key ventures include collaborations with Rachael Ray for Staple Gin and Mastercard Midnight Theatre. The company is actively exploring new projects in AI, beauty, and sports.
Contact:
James Carbonara/Hayden IR
(646)-755-7412
james@haydenir.com
SOURCE: Dolphin Entertainment
View the original press release on accesswire.com
FAQ
When will Dolphin Entertainment's (DLPN) 1-for-2 reverse stock split take effect?
What is the new CUSIP number for Dolphin Entertainment (DLPN) after the reverse split?
How many shares of Dolphin Entertainment (DLPN) will be outstanding after the reverse split?
Why is Dolphin Entertainment (DLPN) implementing a reverse stock split?
