Form 8-K - Current report
15 August 2023 - 6:31AM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): August 8, 2023
iMedia
Brands, Inc.
(Exact name of registrant as specified in its
charter)
Minnesota |
|
001-37495 |
|
41-1673770 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
6740
Shady Oak Road,
Eden
Prairie, Minnesota
55344-3433
(Address of principal executive offices)
(952)
943-6000
(Registrant’s telephone number, including
area code)
Not applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
¨ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which
registered |
Common
Stock, $0.01 par value |
IMBIQ |
N/A |
8.50%
Senior Notes due 2026 |
N/A |
N/A |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
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).
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 |
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