Cinedigm Corp. (CIDM) shares soared 25.93% in after-hours on Wednesday, July 14, 2021, and closed the trading at $1.36 per share. Earlier in the morning session, CIDM’s stock lost 6.90% to close Wednesday’s session at $1.08. CIDM shares have fallen 43.75% over the last 12 months, and they have moved down 5.26% in the past week. Over the past three months, the stock has lost 12.90%, while over the past six months, it has declined 24.14%.
Let’s see what’s going on with CIDM in the recent past?
Preliminary Q4 results announcement
On July 14, 2021, Cinedigm Corp reported its preliminary, unaudited, results for the period ended March 31, 2021.
Q4 2021 financial highlights
Cinedigm Corp earned a revenue of $8.3 million in Q4 2021 compared to $7.7 million in Q4 2020.
The Company had cash and cash equivalents of $16.8 million on March 31, 2021, compared to 14.3 million as of March 31, 2020.
New appointment
On July 13, 2021, Cinedigm appointed Jennifer Soltesz as the Vice President of Business Development & Strategy at Cinedigm. Soltesz will be the primary business lead for new partnership engagements, such as channel, platform and advertising partners, for the Digital Networks group.
Forgiveness of $2.2 Million Loan
On July 8, 2021, Cinedigm received forgiveness of approximately $2.2 million of loan proceeds and accrued interest (“PPP Loan”) previously carried under the Paycheck Protection Program.
The U.S. Small Business Administration (“SBA”) approved the forgiveness of the PPP loan in its entirety, and that East West Bank has applied the funds and paid off the principal and interest of the PPP loan in full.
Cinedigm channels on YouTube TV
On July 8, 2021, Cinedigm announced that three of their most popular channels, Dove Channel, CONtv and Docurama are now available on YouTube TV as optional add-ons. YouTube TV is a live television streaming service with more than 3 million current subscribers.
New promotion
On July 7, 2021, Cinedigm promoted Tony Huidor, formerly Senior Vice President of Product & Technology and General Manager of Digital Networks, to Chief Technology & Product Officer at Cinedigm.
Huidor has managed the launch and daily operations of the Company’s portfolio of subscription and ad-supported digital-first channels, since joining Cinedigm in 2015.
Launching of Elvis Presley Channel
On June 30, 2021, Cinedigm signed a partnership deal with Elvis Presley Enterprises to launch The Elvis Presley channel.
The Elvis Presley Channel will show Elvis Presley archival content and specials, as well as musical content from some of the most influential rock ‘n roll artists that inspired the music industry.
Conclusion
The preliminary financial results announcement could be the reason behind its turnaround in the after-hours and we expect it to continue its surge in the coming days as well.
