Cinedigm Corp (NASDAQ: CIDM) operates as an independent streaming and entertainment company, based out of Los Angeles, CA. Shares of the streaming company gained 38% during trading on Thursday, July 15, 2021. Over the past three months, Cinedigm has seen average daily volume of 21.25 million shares. However, volume of 173.1 million or dollar volume of $257.92 million, exchanged hands during Thursday’s trading session.
Shares of CIDM rallied after the company announced it has paid off the remainder of its non-recourse loan with Prospect Capital Corporation. In the amount of $3.5 million, the payment was made effective on July 9, 2021. Since the end of 2020, CIDM has reduced its total debt from around $49 million to zero, according to the company.
Cinedigm recently reported fiscal fourth quarter 2021 financial results for the period ending March 31, 2021. The earnings report showed year-over-year consolidated revenue growth of 197% to $8.3 million. The company experienced strong growth across the board from subscription to ad-supported streaming options.
Cinedigm Corp Press Release:
LOS ANGELES, CA / ACCESSWIRE / July 15, 2021 / Cinedigm (NASDAQ:CIDM), the leading independent streaming company super-serving enthusiast fan bases, announced today that the Company has paid off the remainder of its Prospect Digital Cinema loan in the amount of approximately $3.5 Million, effective July 9, 2021. Revenue from the sale of certain digital cinema equipment enabled the debt reduction and balance sheet improvement.
“With this final payoff of our non-recourse loan from Prospect, we are now completely debt free,” said Gary Loffredo, President, Chief Operating Officer & General Counsel of Cinedigm. “We reduced our debt balance to zero from almost $49 Million at the end of the last fiscal year. Our strong debt-free balance sheet sets us up to support our rapidly growing streaming business and accretive acquisition roll up strategy.”
For more than twenty years, Cinedigm (NASDAQ: CIDM) has led the digital transformation of the entertainment industry. Today, CIDM entertains hundreds of millions of consumers around the globe by providing premium content, streaming channels and technology services to the world’s largest media, technology and retail companies. For more information, visit http://www.cinedigm.com/.
The Company uses, and will continue to use, its website, press releases, SEC filings, and various social media channels, including Twitter (https://twitter.com/cinedigm), LinkedIn https://www.linkedin.com/company/cinedigm/), Facebook (https://facebook.com/Cinedigm), StockTwits (https://stocktwits.com/CinedigmCorp) and the Company website (www.cinedigm.com) as additional means of disclosing public information to investors, the media and others interested in the Company. It is possible that certain information that the Company posts on its website, disseminated in press releases, SEC filings, and on social media could be deemed to be material information, and the Company encourages investors, the media and others interested in the Company to review the business and financial information that the Company posts on its website, disseminates in press releases, SEC filings and on the social media channels identified above, as such information could be deemed to be material information.