ErosSTX Shares Dive 18%, Entering De-Listing Risk Zone Below $1 After Revealing Debt Restructuring Efforts, Annual Report Delay
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deadline.comShares in Eros STX Global Corp. dropped more than 18% on the New York Stock Exchange today, closing at a bit less than 87 cents, after the company gave updates that unsettled investors.In SEC filings and a press release, the company said it was in the process of restructuring some of its debt and also warned of a delay in delivering its annual report for the fiscal year, which ended March 31.
The company said it would not be able to hit the SEC’s annual report deadline “because the company’s Audit Committee is currently conducting a formal internal review of certain accounting practices and internal controls related to its Eros subsidiaries.
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