NEW YORK (CelebrityAccess) — Robert F. Sillerman's latest venture, Function(x) Inc., will be forced to trade over the counter after being delisted from the NASDAQ exchange.
The company was delisted after the Nasdaq Listing Qualifications Staff determined that Function(X) had failed to file a quarterly financial report (form 10-Q) for the quarter ending on March 31st, 2017, with the SEC in a timely fashion.
As well, the company was grappling with a bid price deficiency on the exchange, which is defined as when a company's minimum bid price per share of its common stock was trading below $1.00 for a period of thirty consecutive business days. Function(X) had been trading at more than $6 dollars per share last fall, had slid to under a dollar by March 2017.
Robert F X Sillerman, Executive Chairman, and CEO commented, "The Company came to the conclusion that the overhang of uncertainty and the continuing expense related to these issues were an unnecessary cost and distraction as we execute on our vision. Nothing has changed in our stated goals to become the preeminent digital media/publisher. We intend to file our 10-Q in the near term, and follow all necessary steps to both be a responsible and productive public company and accelerate our growth trajectory."
Sillerman's latest venture is an aggregation of what are essentially clickbait producers. It's media properties include Wetpaint.com, an entertainment news site aimed at women; Rant, a sports and entertainment news site; and Draftday, a fantasy sports site.