Bright Mountain Media, Inc. (OTCQB: BMTM), an end-to-end digital media and advertising services platform, today provided a company update on the status of its OTCQB listing and on upcoming capital markets and operational initiatives.
The delay in the company’s fiscal 2020 10-K audit will result in the transfer of Bright Mountain Media shares from the OTCQB exchange to the OTC Pink market on July 1, 2021. The company’s ticker symbol will remain unchanged and no shares is required from shareholders as part of this movement.
Bright Mountain Media plans to become up-to-date in mid-July with its 2020 Form 10-K, and then proceed with its subsequent quarterly filings and re-listing on the OTCQB by the end of August 2021.
âThe restatements causing the audit delay are being resolved as we speak and are non-monetary in nature with no impact on the company’s future business prospects,â said Kip Speyer, Chairman and CEO of Bright Mountain Media. âIn fact, we are currently undertaking an aggressive cost reduction initiative to scale the size of our corporate infrastructure and further accelerate our path to balanced cash flow.
“We believe we can significantly reduce operating expenses while maintaining our revenue base – which stood at approximately $ 16 million for fiscal 2020 – and emerge in a better financial position to enable our planned future transition. towards profitability. I look forward to providing updates on this front to our shareholders as they become available and would like to thank them for their continued support as we grow our end-to-end digital media and advertising services platform. end.
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