Loop Media, Inc. (the "Company"), a provider of help supply services, announced today an amendment to its Articles of Incorporation following a recent shareholder vote. The amendment, approved at the Company's virtual 2024 Annual Meeting of Stockholders on Monday, increases the authorized shares of common stock from 150,000,000 to 225,000,000.
The Company, based in Burbank, California, and incorporated in Nevada, filed the amendment with the Nevada Secretary of State on September 20, 2024, which took effect immediately. This change allows Loop Media to issue more shares, potentially for future corporate endeavors such as financing, acquisitions, or stock-based compensation plans.
At the same meeting, the shareholders also ratified the appointment of Marcum LLP as the independent registered public accounting firm for the fiscal year ending September 30, 2024. Additionally, they voted on several other matters, including the election of directors and executive compensation.
Bruce A. Cassidy, Jon M. Niermann, Denise M. Penz, David Saint-Fleur, and Sonya Zilka were elected as directors to serve until the next annual meeting or until their successors are appointed. The advisory vote on the executive compensation of the Company’s named executive officers was approved, and it was decided that the Company will conduct future advisory votes on executive compensation annually.
The Company's decision to increase the number of authorized shares of common stock could provide it with greater flexibility to support its growth and operational strategies. The announcement is based on a press release statement and the information is derived from the Company's recent SEC filing.
In other recent news, Loop Media, a Nevada-based firm, has seen significant financial shifts. The company secured $700,000 through a future receipts sale to CFG Merchant Solutions, which will provide immediate working capital. Loop Media also secured a $525,000 subordinated loan from Agile Capital Funding, with a total repayment amount set at $756,000.
On the earnings front, Loop Media reported a 26% drop in fiscal Q2 2024 revenue, totaling $4 million, and a decrease in gross profit margin to 10.4% from 29.4% in the previous year. The company has also extended its loan agreement with GemCap Solutions to July 29, 2025, and added its subsidiary, Retail Media TV, as a co-borrower.
In other developments, Loop Media's common stock has been delisted from the NYSE American due to low selling price and has begun trading on the OTC Pink Market. Despite these challenges, Loop Media has been granted until October 23, 2025, by the NYSE American LLC to meet the continued listing standards.
Lastly, the company has announced plans to introduce several Free Ad-Supported Streaming TV (FAST) channels. These are among the recent developments shaping the strategic direction of Loop Media.
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