The digital distribution company, Cinedigm, a Sabra Capital activist target continues to face a myriad of selling pressure. e latest stemming from the $11 million loss for the last quarter.
Sabra is pushing for Ronald Chez installed as chairman. It has until Dec. 7 to get its stock over $1 a share for 10-days or be delisted from the Nasdaq. Granted the company has hired Evolution Media to explore “potential takeover approaches.”
The company has a “plan” to overhaul its board and hired a number of executives from a search firm and also removed three of its eight board members. Yet, things have only continued to go downhill for shareholders. Chez and Sabra are prepping for a proxy battle. The key is that it doesn’t want Chez, with a finance background, as chair and would rather someone with entertainment experience.
But of note, Chez calls Woody Alley a friend and was a producer of the 2014 film “Magic in the Moonlight” and the to be released film “Irrational Man.”