SFXE Has Multiple Suitors, As Stock Delisting Looms
SFXE said it had received preliminary indications of interests from parties interested in acquiring the Company, including a preliminary bid from Robert F.X. Sillerman, whose previous bid to take the company private failed in August.
The company did not disclose who the parties apartment from Sillerman might be, noting that Sillerman's intention to make a bid for the company had already been made public in SEC filings. Late last week, Sillerman indicated that he was looking to take the company private with a proposed buyout at $3.25 per, which is substantially lower than the $5.25 he had pledged in his previous buyout effort.
SFX also revealed that they have received a warning from the NASDAQ that it was in violation of its listing rules for having traded at sub $1 levels for more than a month. In order to avoid being delisted from the stock exchange, the company will need to see its stock price close above $1 dollar for at least 10 consecutive business days with a 180 calendar day period with a deadline of April 12.
SFXE stock was $1.03 per share and trading upward on Friday morning.