iMedia Brands Inc. filed SEC Form 8-K: Termination of a Material Definitive Agreement, Other Events
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| Item 1.02 | Termination of a Material Definitive Agreement. |
On August 8, 2023, iMedia Brands, Inc. (the “Company”) received a Notice of Termination (the “Notice”) from RNN-TV Licensing Co. LLC (“RNN”) terminating the Asset and Equity Purchase Agreement (the “Purchase Agreement”), dated July 3, 2023, by and between the Company and RNN. The Notice set forth the reason for the termination as the Company’s failure to meet, or inability to meet, certain Bankruptcy Court Milestones (as defined in the Purchase Agreement).
| Item 8.01 | Other Events. |
As previously reported, on June 28, 2023, the Company and its U.S. subsidiaries filed a voluntary petition (Case No. 23-10852) (the “Chapter 11 Cases”) for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
Pursuant to the Chapter 11 Cases, an auction process related to the sale of the Company and its subsidiaries was held on August 10, 2023. The Company intends to seek the approval of an alternative transaction from that set out in the Purchase Agreement at a hearing in the Bankruptcy Court on August 14, 2023.
Forward-Looking Statements
This document may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not statements of historical fact, including statements regarding anticipated timing of filings with the Securities and Exchange Commission are forward-looking. The Company often use words such as anticipates, believes, estimates, expects, intends, seeks, predicts, hopes, should, plans, will, or the negative of these terms and similar expressions to identify forward-looking statements, although not all forward looking-statements contain these words. These statements are based on management's current expectations and accordingly are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein due to various important factors, including (but not limited to), the Company’s ability to resolve the foregoing matters involving its liquidity and indebtedness. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this announcement. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 14, 2023 | iMedia Brands, Inc. | |
| By: | /s/ Timothy A. Peterman | |
| Timothy A. Peterman | ||
| Chief Executive Officer & Interim Chief Financial Officer | ||