NEW YORK (Hypebot) — SFXE stock fell 7 % Thursday to an all time low of $1.94 as CEO Robert Sillerman missed a 10AM deadline prove that he had the financing to complete a stock buyback. As of 4:10PM the company had not issued a statement.
In 3 years, Robert Sillerman built SFX Entertainment into an EDM powerhouse. Since raising $260 million with an IPO, corporate missteps and poor earnings have left Wall Street nervous. Now Sillerman & Company are standing at the edge of a crumbling cliff; and investors are heading for the door.
SFX Entertainment (NASDAQ:SFXE) had given Robert F.X. Sillerman , the company’s Chairman and CEO until 10:00 a.m. today, August 13th, to prove that he could finance his promise to take the company private again. As of 11AM there was no announcement from the company and that sent the stock downward.
SFXE Stock Tumbles
Sillerman has promised a cash buyback of stock at $5.25 per share. As of 11 AM ET today, SFXE was trading at $2.o3. That difference – $3.22 per share – proved too big a gap for Sillerman and his money sources to bridge.
Recently SFXE reported widening losses and admitted earlier that it had sought other offers, but only found buyers interested in specific parts of the company which include Beatport and EDM festivals Tomorrowland, TomorrowWorld and Electric Zoo.