Announcement • Apr 02
Legacy IMBDS Files Form 15 Legacy IMBDS, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.01 per share. Announcement • Jan 23
Third Supplement Combined Hearing for Disclosure Statement and Plan Approved on Interim Basis for Legacy IMBDS, Inc. The US Bankruptcy Court approved the combined hearing to consider approval of disclosure statement and plan of Legacy IMDBS, Inc. on January 4, 2024. The debtor had filed its third revised disclosure statement and plan in the Court on January 22, 2024. Any objections to the plan should be made before February 16, 2024, and the confirmation hearing for the plan and disclosure statement has been scheduled for February 21, 2024. Announcement • Jan 05
Second Supplement Combined Hearing for Disclosure Statement and Plan Approved on Interim Basis for Legacy IMBDS, Inc. The US Bankruptcy Court approved the combined hearing to consider approval of disclosure statement and plan of Legacy IMDBS, Inc. on January 4, 2024. The debtor had filed its third revised disclosure statement and plan in the Court on December 20, 2023. Any objections to the plan should be made before January 19, 2024, and the confirmation hearing for the plan and disclosure statement has been scheduled for January 23, 2024. Announcement • Aug 17
IV Media Inc. completed the acquisition of Substantially All of the Assets of iMedia Brands, Inc. IV Media Inc. entered into an asset purchase agreement to acquire Substantially All of the Assets of iMedia Brands, Inc. for approximately $50 million on July 3, 2023. The transaction us subject to bankruptcy court approval and expected to close in August 2023. Ryan Preston Dahl, C. Michael Roh and Cristine Pirro Schwarzman of Ropes & Gray LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal counsel, Lincoln International LLC is serving as investment banker, Huron Consulting Group is serving as financial advisor, and C Street Advisory Group is serving as strategy and communications advisor to the Company. Philip Richter and Jennifer Rodburg of Fried, Frank, Harris, Shriver & Jacobson LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal counsel to RNN. Transaction Approved by Bankruptcy Court on August 14, 2023.
IV Media Inc. completed the acquisition of Substantially All of the Assets of iMedia Brands, Inc. on August 16, 2023. Announcement • Jun 29
iMedia Brands, Inc. Filed for Bankruptcy iMedia Brands, Inc., along with its 11 affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on June 28, 2023. The debtor listed both its assets and liabilities in the range of $100 million to $500 million. The debtor is represented by Laura Davis Jones of Pachulski Stang Ziehl & Jones LLP and Ropes & Gray LLP as its legal counsels. Huron Consulting Services LLC is appointed as financial advisor, Lincoln Partners Advisors LLC is appointed as investment banker and Stretto, Inc., as notice, claims, solicitation and balloting agent. Announcement • Jun 24
iMedia Brands Announces Receipt of Second Nasdaq Non Compliance Notice iMedia Brands, Inc. (the “Company” or “iMedia”) announced that the Company received a second notice of non-compliance from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) on June 16, 2023, related to Nasdaq Listing Rule 5250(c)(1) (the "Rule") as a result of its failure to file its Form 10-Q for the period ended April 29, 2023, with the Securities and Exchange Commission (the "SEC"). As previously disclosed, the Company received an initial notice from Nasdaq on May 3, 2023, regarding its non-compliance with the Rule following the Company’s delay in the filing of its Annual Report on Form 10-K for the year ended January 28, 2023. Neither Nasdaq Notice has an immediate effect on the listing or trading of the Company's shares of common stock, though Nasdaq will broadcast an indicator over its market data dissemination network noting the Company's non-compliance. In its most recent Nasdaq Notice, Nasdaq reiterated the Company has until July 3, 2023, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Initial Delinquent Filing, or until October 25, 2023, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. Breakeven Date Change • Apr 13
No longer forecast to breakeven The 4 analysts covering iMedia Brands no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$15.4m in 2025. New consensus forecast suggests the company will make a loss of US$7.63m in 2026. Price Target Changed • Apr 12
Price target decreased by 24% to US$4.00 Down from US$5.25, the current price target is an average from 4 analysts. New target price is 855% above last closing price of US$0.42. Stock is down 92% over the past year. The company is forecast to post a net loss per share of US$0.27 next year compared to a net loss per share of US$2.06 last year. Price Target Changed • Mar 09
Price target decreased by 8.7% to US$5.25 Down from US$5.75, the current price target is an average from 4 analysts. New target price is 672% above last closing price of US$0.68. Stock is down 89% over the past year. The company is forecast to post a net loss per share of US$1.76 next year compared to a net loss per share of US$1.14 last year. Announcement • Feb 01
iMedia Brands, Inc. Announces Board Changes iMedia Brands, Inc. announced that it has appointed Alan Aldworth to its board of directors, effective January 30, 2023. Mr. Aldworth is a proven media executive with over 30 years of leadership positions in publicly held interactive media and publishing companies, including his roles as CEO of ProQuest, President of Tribune Education, and CFO of Tribune Company Publishing Division. At Tribune and ProQuest, and subsequently as a board director, Mr. Aldworth led public offerings, raised venture capital, public and private debt, and managed over 50 M&A transactions and divestures totaling $5 billion. Mr. Aldworth is Managing Director of Alexander West Capital, LLC. Mr. Aldworth holds a Bachelor of Science in Commerce and Accounting from DePaul University, holds an MBA from Kellogg Graduate School of Management Northwestern University, and is a CPA (non-active status). Mr. Aldworth fills a board vacancy created by the resignation of Lisa Letizio, effective January 30, 2023. Announcement • Jan 05
Imedia Brands, Inc. Announces Resignation of Richard E. French, Jr. as Director iMedia Brands, Inc. announced that on December 28, 2022, Richard E. French, Jr. voluntarily resigned from his position as a director., effective as of the same date. Price Target Changed • Dec 07
Price target decreased to US$5.25 Down from US$5.75, the current price target is an average from 4 analysts. New target price is 798% above last closing price of US$0.58. Stock is down 92% over the past year. The company is forecast to post a net loss per share of US$1.76 next year compared to a net loss per share of US$1.14 last year. Breakeven Date Change • Aug 26
Forecast breakeven date moved forward to 2024 The 4 analysts covering iMedia Brands previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of US$1.75m in 2024. Average annual earnings growth of 68% is required to achieve expected profit on schedule. Reported Earnings • Aug 24
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: US$0.42 loss per share (down from US$0.22 loss in 2Q 2022). Revenue: US$133.2m (up 17% from 2Q 2022). Net loss: US$11.1m (loss widened 161% from 2Q 2022). Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 13%, compared to a 16% growth forecast for the Online Retail industry in the US. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 14
Price target decreased to US$7.13 Down from US$11.50, the current price target is an average from 4 analysts. New target price is 436% above last closing price of US$1.33. Stock is down 80% over the past year. The company is forecast to post a net loss per share of US$1.23 next year compared to a net loss per share of US$1.14 last year. Breakeven Date Change • Jul 14
Forecast breakeven date pushed back to 2025 The 4 analysts covering iMedia Brands previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 73% per year to 2024. The company is expected to make a profit of US$62.2m in 2025. Average annual earnings growth of 67% is required to achieve expected profit on schedule. Major Estimate Revision • Mar 29
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 expected loss increased from -US$0.60 to -US$0.84 per share. Revenue forecast unchanged at US$691.4m. Online Retail industry in the US expected to see average net income decline 5.8% next year. Consensus price target of US$23.50 unchanged from last update. Share price was steady at US$6.12 over the past week. Recent Insider Transactions • Dec 01
Key Executive recently bought US$52k worth of stock On the 23rd of November, Landel Hobbs bought around 7k shares on-market at roughly US$7.38 per share. This was the largest purchase by an insider in the last 3 months. This was Landel's only on-market trade for the last 12 months. Breakeven Date Change • Nov 20
Forecast to breakeven in 2024 The 4 analysts covering iMedia Brands expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$124.0k in 2024. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Price Target Changed • Nov 19
Price target increased to US$20.00 Up from US$18.00, the current price target is an average from 4 analysts. New target price is 168% above last closing price of US$7.47. Stock is up 20% over the past year. The company is forecast to post a net loss per share of US$1.12 next year compared to a net loss per share of US$1.23 last year. Reported Earnings • Nov 19
Third quarter 2022 earnings released: US$0.44 loss per share (vs US$0.39 loss in 3Q 2021) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2022 results: Revenue: US$130.7m (up 20% from 3Q 2021). Net loss: US$9.49m (loss widened 100% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 25
Second quarter 2022 earnings released: US$0.22 loss per share (vs US$0.11 profit in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2022 results: Revenue: US$113.4m (down 8.9% from 2Q 2021). Net loss: US$4.25m (down US$5.30m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 16
Price target increased to US$20.00 Up from US$16.33, the current price target is an average from 4 analysts. New target price is 202% above last closing price of US$6.62. Stock is up 96% over the past year. Breakeven Date Change • Jul 16
No longer forecast to breakeven The 4 analysts covering iMedia Brands no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$503.0k in 2024. New consensus forecast suggests the company will make a loss of US$416.5k in 2024. Announcement • Jun 11
iMedia Brands, Inc. has completed a Follow-on Equity Offering in the amount of $43.478262 million. iMedia Brands, Inc. has completed a Follow-on Equity Offering in the amount of $43.478262 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 4,830,918
Price\Range: $9