Eros Media World PLC (“Eros Media”, “Eros” or the “Company”) (NYSE: EMWP), a global Indian media and entertainment company, today announced that on August 17, 2022, it received a notice from the New York Stock Exchange (“NYSE”) that the staff of NYSE Regulation has determined to commence proceedings to delist the Company’s A ordinary shares and suspend trading immediately (the “Staff Determination”).
The Staff Determination was issued because the Company had not filed its annual report on Form 20-F for the year ended March 31, 2021, and semi-annual report on Form 6-K for the six months ended September 30, 2021 with the Securities and Exchange Commission (the “SEC”), on or before August 17, 2022, which was the latest deadline allowed under Section 802.01E of the NYSE’s Listed Company Manual. The Company also did not file its annual report on Form 20-F for the period ended March 31, 2022 prior to the August 17, 2022 deadline. The Staff Determination does not impact the Company’s obligation to file periodic reports and other reports with the SEC under applicable U.S. securities laws.
The Company intends to request a review of the Staff Determination by a committee of the Board of Directors of the NYSE in accordance with Section 804.00 of the NYSE’s Listed Company Manual. The review will be scheduled for a date that is at least 25 business days from the date the Company requests such a review.
As previously announced, on April 22, 2022, the Company completed the sale of its STX Entertainment business to an affiliate of The Najafi Companies. Although the sale of the STX Entertainment business was necessary to enable the Company to pursue its long term strategy and maximise long term value for shareholders, the separation of the two companies caused complex financial reporting and other transition issues. The Company has been diligently working to address these issues and become current in its SEC reporting since the date of the sale.