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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

March 4, 2021

(Date of earliest event reported)

 

Cinedigm Corp.

(Exact name of registrant as specified in its charter)

 

Delaware 001-31810 22-3720962
(State or other jurisdiction
of incorporation) 		(Commission File Number) (IRS Employer
Identification No.)

 

237 West 35th Street, Suite 605, New York, New York 10001
(Address of principal executive offices) (Zip Code)

 

212-206-8600

(Registrant’s telephone number, including area code)

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transmission period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock CIDM Nasdaq Global Market

 

 

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

On March 4, 2021, Cinedigm DC Holdings, LLC (“CDCH”), 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 (“Prospect”), entered into Amendment No. 3 (the “Amendment”) to the Term Loan Agreement dated February 28, 2013 (the “Term Loan Agreement”). Under the Amendment, the maturity date of the loan under the Term Loan Agreement (the “Loan”) was extended to March 31, 2022. As a condition to the effectiveness of the Amendment, CDCH paid $3,500,000 to Prospect to reduce the outstanding principal amount of the Loan.

 

On March 9, 2021, Cinedigm Corp. issued the press release attached hereto as Exhibit 99.1 and incorporated by reference herein.

 

The foregoing description of the Amendment is qualified in its entirety by reference to such document, which will be filed in accordance with SEC rules and regulations.

 

Item 9.01 Financial Statements and Exhibits

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release, dated March 9, 2021.

 

 

 

 

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:  March 10, 2021 By: /s/ Gary S. Loffredo
    Gary S. Loffredo
President, Chief Operating Officer, General Counsel and Secretary

 

 

Exhibit 99.1

 

 

CINEDIGM PAYS DOWN $3.5 MILLION OF PROSPECT CAPITAL CORP. TERM LOAN AND EXTENDS MATURITY OF BALANCE UNTIL MARCH 31, 2022

 

Strengthened Balance Sheet Continues to Support Cinedigm’s Streaming Asset Roll-up Acquisition Strategy

 

LOS ANGELES, CA / ACCESSWIRE / March 9, 2021 / Cinedigm (NASDAQ: CIDM) (“Cinedigm” or the “Company”), today announced that on March 4, 2021, Cinedigm DC Holdings, LLC, Access Digital Media, Inc., Access Digital Cinema Phase 2, Corp., Christie/AIX, Inc., Cinedigm Digital Funding I, LLC, and Prospect Capital Corporation entered into Amendment No. 3 to the Term Loan Agreement dated February 28, 2013. Under the Amendment, the maturity date of the loan under the Term Loan Agreement was extended to March 31, 2022. In connection with this Amendment, CDCH paid $3,500,000 to Prospect to reduce the outstanding principal amount of the Loan.

 

Gary Loffredo, President, Chief Operating Officer and General Counsel, said, “This paydown of our Prospect term loan for our legacy Digital Cinema Equipment business is the latest move in our aggressive efforts to reduce our debt and interest expense. After this paydown of $3.5 million, the loan balance on this debt will be $8.5 million. Total recourse debt for the Company, including the PPP loan, is now under $5 million following the full elimination of our Second Lien and Convertible Notes earlier in this fiscal year. Our balance sheet is stronger than ever and will help support the streaming asset roll-up strategy we have already been successfully executing over the past few months with the acquisitions of The Film Detective, Fandor, Screambox and Foundation TV, all of which will further propel streaming revenue and profit growth.”

 

About Cinedigm Corporation

 

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.

 

Material Public Information Disclosure

 

Cinedigm uses its website, press releases, SEC filings, and various social media channels, including Twitter, LinkedIn, Facebook, StockTwits and the Company website 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 to these aforementioned dissemination channels 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 any of the channels identified above, as such information could be deemed to be material information.

 

Press Contact for CIDM:

Jill Calcaterra

310-466-5135

jcalcaterra@cinedigm.com