Troika Media Group, Inc. Common Stock

TRKA

Market cap $2.22M

Troika Media Group (NASDAQ: TRKA ) reported yesterday that it was notified by Nasdaq that TRKA stock will be suspended and delisted from the exchange on Dec. 18. Troika also disclosed yesterday that it had filed for bankruptcy — and that it had agreed to be acquired by Blue Torch Finance.

NEW YORK , Dec. 7, 2023 /PRNewswire/ -- Troika Media Group, Inc. (Nasdaq: TRKA) ("TMG"), a consumer engagement and customer acquisition group, today announced that on December 7, 2023, TMG received a determination letter ("Determination Letter") from The Nasdaq Stock Market ("Nasdaq") notifying TMG that Nasdaq has determined that, in accordance with its authority under Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1, TMG's securities will be suspended from trading at the opening of business on December 18, 2023 and delisted from Nasdaq. Nasdaq based its determination upon concerns related to (i) TMG's announcement that TMG had filed for protection under Chapter 11 of the United States Bankruptcy Code and the associated public interest concerns raised by such filing, (ii) the residual equity interest of the existing listed securities holders, and (iii) TMG's ability to sustain compliance with all requirements for continued listing on Nasdaq.

Troika Media Group (NASDAQ: TRKA ) stock is taking a beating on Thursday after the company filed for Chapter 11 bankruptcy protection. Troika Media Group notes that this bankruptcy filing is voluntary and was made to allow for a strategic restructuring of the company.

Troika Media Group (NASDAQ: TRKA) the wildly popular penny stock is in its final days after the company filed for bankruptcy protection as I predicted in May. The announcement came a month after the firm issued a going concern warning.

NEW YORK , Dec. 7, 2023 /PRNewswire/ -- Troika Media Group, Inc. (Nasdaq: TRKA) ("Troika" or the "Company"), a consumer engagement and customer acquisition group, has announced that it has entered into a restructuring support agreement with certain funds managed by Blue Torch Finance LLC ("Blue Torch"), the Company's senior secured lenders, pursuant to which Blue Torch would acquire substantially all of the assets of the Company via a stalking horse credit bid. To facilitate the acquisition and the restructuring of the Company's balance sheet, the Company and certain of its affiliates have filed voluntary petitions for relief under chapter 11 in the United States Bankruptcy Court for the Southern District of New York.

It hasn't exactly been a great year for stockholders of Troika Media (NASDAQ: TRKA ), as shares of the company are down by over 50% year-to-date (YTD). On Nov. 14, Troika warned that it would be late in filing its Form 10-Q, or earnings report, for the period ended Sept.

NEW YORK , Nov. 27, 2023 /PRNewswire/ -- Troika Media Group, Inc. (Nasdaq: TRKA) ("TMG"), a consumer engagement and customer acquisition group, today announced that it received a delinquency notification letter from Nasdaq on November 17, 2023 stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because it had not timely filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the "Form 10-Q"). Nasdaq has informed the Company that the Company must submit a plan of compliance (the "Plan") within sixty (60) days addressing how it intends to regain compliance with Nasdaq's listing rules or otherwise file the Form 10-Q before the expiration of such sixty (60) day period.