Troika Media Group Inc. Receives Notice from Nasdaq Regarding Delisting
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. Nasdaq also noted that, since TMG has failed to file its Form 10-Q for the period ended September 30, 2023, such failure serves as an additional and separate basis for delisting.