(Hypebot) – In a letter delivered to the SFXE board on Tuesday and filed with the SEC yesterday, CEO and founder Robert Sillerman withdrew his offer to buy the company's outstanding stock. Shares fell 30% on Thursday morning to an all-time low of 28 cents.
In an internal memo entitled "The Future" obtained by the Wall Street Journal, Sillerman wrote:
“At these low prices the time is not right to go forward on this path. We will instead focus all energy on righting the ship and reversing the disappointing results of this year," adding that he would "revisit things as they develop. For now we will rededicate ourselves to providing the best possible experiences for our fans.”
Several industry insiders familiar with the workings of SFX said that a bankruptcy filing was all but inevitable. The company's board had reported that they had had inquires to purchase portions of the EDM conglomerate, but now even those would likely have to happen at fire sale prices.