Bright Mountain Media, Inc. (OTCQB: BMTM), an end-to-end digital media and advertising services platform, today provided a corporate update on the status of its OTCQB exchange listing and go-forward capital markets and operational initiatives.
The delay in the Company’s FY2020 10-K Audit will cause Bright Mountain Media stock to be moved from the OTCQB exchange to the OTC Pink market on July 1, 2021. The Company’s ticker symbol will remain unchanged and no action is required by shareholders as part of this move.
Bright Mountain Media anticipates becoming current in the middle of July with its 2020 Form 10-K and then proceed with its subsequent quarterly filings and applying to relist to the OTCQB exchange by the end of August 2021.
“The restatements driving the audit delay are being resolved as we speak and are non-cash in nature, with no impact on the future commercial prospects of the company,” said Kip Speyer, Chairman and Chief Executive Officer of Bright Mountain Media. “In fact, we are currently undertaking an aggressive cost reduction initiative to right-size our corporate infrastructure and further expedite our path to cash flow breakeven.
“We believe that we can significantly reduce operating expenses while maintaining our revenue base – which stood at approximately $16 million in FY2020 – and emerge in a better financial position to enable our planned future transition to profitability. I look forward to providing our shareholders with updates on this front 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.”
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