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
July 7, 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 8.01. Other Events.
As previously announced, on April 15, 2020, Cinedigm Corp. (the “Company”) borrowed $2,151,800 from East West Bank, the Company’s existing lender, pursuant to the Paycheck Protection Program (the “PPP Loan”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
On July 7, 2021, the Company received notification that the PPP Loan, together with interest thereon, has been fully forgiven by the Small Business Administration.
On July 8, 2021, the Company issued a press release announcing the forgiveness of the PPP Loan, 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 8, 2021. |
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 9, 2021 | By: |
/s/ Gary S. Loffredo |
Gary S. Loffredo
General Counsel and Secretary |
2
Exhibit 99.1
Cinedigm Announces Forgiveness of
$2.2 Million Paycheck Protection Program Loan
Los Angeles, CA / July 8, 2021 / Cinedigm (NASDAQ: CIDM) announced today that the Company has received forgiveness of approximately $2.2 million of loan proceeds and accrued interest ("PPP Loan") previously carried under the Paycheck Protection Program ("PPP"). On July 7, 2021, Cinedigm received notice from East West Bank PPP, the lender of the Company’s “PPP” loan, that the U.S. Small Business Administration (“SBA”) approved the forgiveness of the PPP loan in its entirety, and that East West Bank has applied the funds and paid off the principal and interest of the PPP loan in full.
Gary Loffredo, President, Chief Operating Officer & General Counsel of Cinedigm stated: “We are very pleased to receive the notice of forgiveness of our entire PPP loan and associated interest. We remain grateful for the financial support that the CARES Act provided in response to the COVID-19 pandemic. This helped Cinedigm move into a very solid position now financially with virtually no debt and a fast-growing streaming business.”
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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