Because of the persistently low prices of Liquid Media shares, the Nasdaq stock exchange kicked it off in late August, sending the shares to trade on the over-the-counter ‘pink sheets’
. Liquid Media posted little revenue and recorded large losses. Two of the company’s top officers departed and the stock price plummeted, leaving the company worth just US$8-million. Nasdaq warned Liquid Media in March, 2022, that it risked being delisted from the exchange because its price had dropped below the required minimum of US$1, but the exchange gave Liquid Media an extension to get its stock price back up.In October, 2022, Liquid Media reported it lost US$1.
In the meantime, the company said on Feb. 23 that it had issued US$3.125-million in debt to an unnamed institutional investor. Not only was the bond convertible to Liquid Media stock at a discount, but the company threw in more than 11 million warrants for additional shares, which was huge, given the 19.3 million shares issued and outstanding at the time.
Meanwhile, Ben Buitendag, the former owner of Digital Cinema United Ltd., which Liquid Media bought in February, 2022, sued the company. Among a number of allegations, he said Liquid Media had failed to issue three million Liquid Media shares it owed him because Digital Media United hit a revenue milestone laid out in the sale agreement.
There were two last-ditch attempts to stave off delisting. On Aug. 4, Liquid Media said it would do a reverse, 1-for-4 stock split to boost the per-share price fourfold, to get it above $1.
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