Eros Media World PLC ("Eros Media", "Eros" or the "Company") (NYSE:EMWP), a global Indian media and entertainment company announces that it will not submit any further appeal with the New York Stock Exchange ("NYSE") to review the determination made by the NYSE to commence proceedings to delist the Company's A ordinary shares and suspend trading immediately (the "Staff Determination").
The Staff Determination was based on the Company's inability to file its annual reports on Form 20-F for the years ending March 31, 2021 and March 31, 2022. In order to file a compliant annual report, the Company would have to include audited financials statements of STX Filmworks, Inc., the Company's accounting predecessor, for the fiscal years ended March 31, 2019 and March 31, 2020. This was not feasible because, among other reasons, (1) STX Filmworks, Inc. is no longer part of the Company; (2) the Company does not have consent to utilize previously disclosed and audited historical financial statements of STX Filmworks, Inc. in the Company's Form 20-F for the transition period ended March 31, 2020; and (3) the Company no longer has access to financial and accounting information of STX Filmworks, Inc. necessary to produce audited historical financial statements for the periods at issue. The Company sought relief from the SEC to omit these historical financial statements from the delayed Form 20-F for the years ending March 31, 2021 and March 31, 2022, but was not able to obtain such relief.
In light of these circumstances, the Company has determined that it will not be able to produce compliant annual reports on Form 20-F for the years ending March 31, 2021 and March 31, 2022, and hence has further determined to accept the Staff Determination without further appeal.
Due to challenges in raising capital given the Company's inability to file its annual reports on Form 20-F, the Company is exploring a number of potential strategies, including selected asset sales and strategic business restructuring, in order to raise cash to keep the company operating and to maximize shareholder value.
The Company further announced that it has successfully concluded its Annual General Meeting on December 29, 2022 at the registered office of the Company at First Names House, Victoria Road, Douglas, Isle of Man IM2 4DF, British Isles.