Announcement • Aug 28
Grom Social Enterprises Receives Letter from the Nasdaq Staff, Indicating that Nasdaq Has Determined to Delist the Securities As previously reported, on February 29, 2024, Grom Social Enterprises, Inc. (the “Company”) received a letter from the staff (the “Nasdaq Staff”) of the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that as the bid price for the Company’s listed securities closed at less than $1 per share for the previous 30 consecutive business days, the Company’s securities will be delisted from the Nasdaq Capital Market based upon the Company’s non-compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market (Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”), unless the Company requests a hearing before the Nasdaq Hearings Panel (the “Panel”) by March 7, 2024. Also as previously reported, following the hearing, on April 15, 2024 the hearing panel granted the Company’s request for an exception with milestones based on the Company’s timeline that required the Company to effect a reverse stock split on or before August 13, 2024, and to demonstrate compliance with the Minimum Bid Price Requirement on or before August 27, 2024. The Company failed to effect the reverse split on August 13, 2024 and will be unable to evidence compliance with the Bid Price Rule for a minimum of ten consecutive trading sessions by the August 27, 2024 deadline. As a result, on August 15, 2024, the Company received a letter (the “Letter”) from the Nasdaq Staff, indicating that Nasdaq has determined to delist the securities of the Company (the “Decision”). The Company may request that the Nasdaq Listing and Hearing Review Council review this Decision by submitting a written request for review within 15 days. The Company did not request the Nasdaq Listing and Hearing Review Council to review the Decision. The Company’s securities were suspended from trading on Nasdaq on August 19, 2024 and have not traded on Nasdaq since that time. Announcement • Aug 16
Grom Social Enterprises, Inc. announced delayed 10-Q filing On 08/15/2024, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Board Change • Aug 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Independent Director Rob Stevens was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 23
Grom Social Enterprises, Inc. Announces Redesigned Grom Social App, Debuting This Summer, to Feature Custom Avatars Offering Kids Tips on Responsible Social Media Behavior Utilizing Its Digital Citizenship License Course Grom Social Enterprises, Inc. announced that its redesigned Grom Social app - for kids under the age of 13, brand-safe and debuting this summer - will feature a new, updated version of Grom Educational's proprietary Digital Citizenship License (DCL) course, offered to schools nationwide, as part of the app's new offerings. The DCL mini-lessons will be delivered by custom avatars - which Grom calls Gromatars - that underscore how responsible behavior on social media and the internet is so vital to one's safety and security. The DCL Gromatars were announced by Grom's Founder, Zach Marks. Designed for kids under 13, who are typically barred from social media without parental consent, the new Grom app prompts users to create their own original social media profile avatar after a parent or caregiver signs a child up. Once parental consent is confirmed, the new user will be directed to create an original, custom social media profile avatar or "Gromatar" (no photos of kids are allowed). Each user can create their own profile image using the app's deep library of personalized assets including hairstyles, apparel, footwear, and other accessories. For the DCL content, Grom will create custom Gromatars that offer instructions on how to be respectful of one another while safeguarding privacy when using social media, and why bullying and inappropriate language are acceptable. The original Gromatars will be gradually introduced to Grom's feed this summer and be updated with new content and characters regularly. The new Gromatars are inspired by the Company's corporate sibling, Grom Educational Services, which offers the Digital Citizenship Licensing (DCL) course for K-12 school customers nationwide who utilize the company's NetSpective web filter solution. In schools, the DCL program is a series of instructional short-form videos, followed by a brief quiz to ensure student comprehension, and serves to complement in-classroom learning about internet and social media safety. The DCL also helps schools operate in compliance with the Children's Internet Safety Protection Act (CIPA), enacted by Congress in 2000 and designed to address concerns about children's access to illicit or harmful content. CIPA requires K-12 Schools and libraries to certify their Internet safety policies must include monitoring the online activities of minors, and as required by the Protecting Children in the 21st Century Act, it also provides for educating minors about appropriate online behavior, including interacting with other individuals on social networking websites and in chat rooms, as well as cyberbullying awareness and response to qualify for e-rate funding discounts. Grom Educational's Netspective Web Filter solution, proprietary web filtering software that safeguards students from objectionable material, along with the updated DCL course provides a complete package to help educators meet all CIPA requirements. Additionally, Grom Social Enterprises operates Grom Social, a monitored social media app for kids under 13 who are routinely barred from most social media without parental consent. Announcement • May 17
Grom Social Enterprises, Inc. announced delayed 10-Q filing On 05/15/2024, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Apr 02
Grom Social Enterprises, Inc. announced delayed annual 10-K filing On 04/01/2024, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Mar 12
Grom Social Enterprises, Inc. Announces May Release of Newly Designed COPPA-Compliant Grom Social App Featuring Enhanced Safety Measures for Parents and New Interface Brimming with Fun Just for Kids Grom Social Enterprises, Inc. announced the early May launch of its highly-anticipated and completely redesigned COPPA-compliant (Children's Online Privacy Protection Act) social media app just for kids, Grom Social. The culmination of several months of redesigning its interface and sign-up process, the new Grom app places primary emphasis on several new features to further ensure the safety of its users while boasting fun to both engage kids and educate them about the growing importance of embracing digital safety habits at a young age. The new Grom app will debut in iOS beginning in early May, with the updated interface for Android users slated to premier at a later date. The updated Grom Social app comes with a brand-new look, feel, and experience with all the safety integrations today's kids deserve and need. Existing users and their parents will migrate from the current experience to immediately enjoy Grom's exciting new environment and interface. Leading the new safety features will be a new parent-child video verification process that ensures that parents and caregivers have granted consent to their child. Additionally, Grom's new 3D avatar asset library allows kids to create their own profile avatar using hundreds of assets featuring a variety of complexions, hairstyles, clothing, accessories, animations, and more. The app's new camera allows users to create and post videos utilizing the latest in augmented reality (AR) technology. When it comes to safety, Grom incorporates the latest advancements in online safety measures, ensuring compliance with COPPA regulations and providing parents with enhanced control and monitoring features. Despite the challenges posed by the evolving digital landscape, Grom remains dedicated to creating a safe and enjoyable online environment for children worldwide. Parents can have full confidence in their child's digital experience with Grom's parent monitoring features, through which parents will have full control of their child's profile, and view every post, comment, message, and friend. Additionally, parents can limit their child's screen time and will be promptly notified if their child has violations the app's rules on digital citizenship. Children under 13 are legally barred from social media without a parent's permission to protect them from content intended for older consumers and prevent the use or sale of their data. Grom never sells its user's data. Grom Social, which began as a website in 2012, and was upconverted to a mobile app in 2018, is designed to help parents teach their kids about safe social media in a fully secure environment exclusively for kids under 13. Grom offers a fun, escapist atmosphere where kids can be kids and also access short-form content through the app's Digital Citizenship Licensing (DCL) course (coming later this year), in which they get interactive lessons on the importance of digital safety and navigating online environments. Today, Grom Social serves as the model social media for kids 13 and in 2016, inspired Grom Educational Services, which helps protect kids when in online learning environments and on school-issued devices through its NetSpective web filter solution. Board Change • Feb 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Lead Independent Director Rob Stevens was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 15
Grom Social Enterprises, Inc. announced delayed 10-Q filing On 11/14/2023, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Board Change • Nov 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Lead Independent Director Rob Stevens was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 09
Grom Social Enterprises, Inc. has completed a Composite Units Offering in the amount of $13.999996 million. Grom Social Enterprises, Inc. has completed a Composite Units Offering in the amount of $13.999996 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 946,000
Price\Range: $3
Security Name: Pre-Funded Units
Security Type: Equity/Derivative Unit
Securities Offered: 54,000
Price\Range: $2.999 Board Change • Aug 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Lead Independent Director Rob Stevens was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 12
Grom Social Enterprises, Inc., Annual General Meeting, Aug 08, 2023 Grom Social Enterprises, Inc., Annual General Meeting, Aug 08, 2023, at 13:00 US Eastern Standard Time. Agenda: To consider election of the directors to serve for one-year term of office expiring at the 2024 Annual Meeting of Stockholders; to consider Ratification of the appointment of Rosenberg Rich Baker Berman P.A. as the company's independent registered public accounting firm for the fiscal year ending December 31, 2023; to consider approval of an amendment to the articles of incorporation of the company to effect a reverse split of the company's outstanding common stock at a ratio in the range of 1-for-2 to 1-for-20 to be determined at the discretion of the board of directors of the company, whereby each outstanding 2 to 20 shares would be combined, converted and changed into 1 share of the company's common stock, to enable the company to comply with the continued listing requirements of the Nasdaq Stock Market; to consider approval of the Amended and Restated 2020 Equity Incentive Plan of the company; and to consider any other matter that properly comes before the Annual Meeting. Announcement • May 16
Grom Social Enterprises, Inc. announced delayed 10-Q filing On 05/15/2023, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Feb 01
Grom Social Enterprises, Inc. announced that it has received $3.000001 million in funding On January 31, 2023, Grom Social Enterprises, Inc. closed the transaction. The company issued 100,000 common shares at an issue price of $2.26 for a gross proceeds of $226,000, 1,327,434 warrants to purchase an aggregate of 2,323,010 shares of Common Stock; and 1,227,434 prefunded warrants at a price of $2.26 for a gross proceeds of $2,774,001 to purchase 1,227,434 shares of common stock. The company paid cash fee of $50,000. Announcement • Jan 26
Grom Social Enterprises, Inc. announced that it expects to receive $3.000001 million in funding Grom Social Enterprises, Inc. announced a brokered private placement of up to 1,327,434 common stock and 2,323,010 common stock warrant at a combined price of $2.26 per unit for gross proceeds of up to $3,000,000 on January 25, 2023. The pre-funded units will be sold at the same price less the pre-funded warrant exercise price of $0.01. Each warrant will entitle the holder to purchase a common share at a price of $2.26 for a period of 5 years from issuance. The transaction is subject to approval from Securities and Exchange Commission. The transaction is expected to close by January 27, 2023 Announcement • Dec 10
Grom Social Enterprises, Inc. has completed a Composite Units Offering in the amount of $4.091321 million. Grom Social Enterprises, Inc. has completed a Composite Units Offering in the amount of $4.091321 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 1,415,682
Price\Range: $2.89
Discount Per Security: $0.2312
Security Name: Pre-Funded Units
Security Type: Equity/Derivative Unit
Securities Offered: 314,422 Announcement • Aug 17
Grom Social Enterprises, Inc. announced delayed 10-Q filing On 08/16/2022, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jun 02
Grom Social Enterprises, Inc., Annual General Meeting, Jul 14, 2022 Grom Social Enterprises, Inc., Annual General Meeting, Jul 14, 2022, at 13:00 US Eastern Standard Time. Agenda: To consider election of the directors to serve for one-year term of office expiring at the 2023 Annual Meeting of Stockholders; to consider ratification of the appointment of Rosenberg Rich Baker Berman P.A. as company's independent registered public accounting firm for the fiscal year ending December 31, 2022; and to consider any other matter that properly comes before the Annual Meeting. Announcement • Jun 01
Grom Social Enterprises Receives Deficiency Letter from the Listing Qualifications Department of the Nasdaq On May 24, 2022, Grom Social Enterprises, Inc. received a deficiency letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based upon the closing bid price of the Company’s common stock, par value $0.0001 per share (“Common Stock”), for the last 30 consecutive business days, the Company is not currently in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Requirement”). The Notice has no immediate effect on the continued listing status of the Company's Common Stock on The Nasdaq Capital Market, and, therefore, the Company's listing remains fully effective. The Company is provided a compliance period of 180 calendar days from the date of the Notice, or until November 21, 2022, to regain compliance with Nasdaq Listing Rule 5550(a)(2). If at any time before November 21, 2022, the closing bid price of the Company’s Common Stock closes at or above $1.00 per share for a minimum of 10 consecutive business days, subject to Nasdaq’s discretion to extend this period pursuant to Nasdaq Listing Rule 5810(c)(3)(G), Nasdaq will provide written notification that the Company has achieved compliance with the Minimum Bid Requirement, and the matter would be resolved. Announcement • Apr 01
Grom Social Enterprises, Inc. announced delayed annual 10-K filing On 03/31/2022, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Aug 17
Grom Social Enterprises, Inc. announced delayed 10-Q filing On 08/16/2021, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Apr 02
Grom Social Enterprises, Inc. announced delayed annual 10-K filing On 03/31/2021, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Nov 18
Grom Social Enterprises, Inc. announced delayed 10-Q filing On 11/17/2020, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Aug 15
Grom Social Enterprises, Inc. announced delayed 10-Q filing On 08/14/2020, Grom Social Enterprises, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.