Shares of CUR Media Inc. (OTCMKTS:CURM) took a pounding today after an 8K crossed after market close last night announcing the departure of key company officers. The company also announced it would be laying off all of its employees and does not have enough cash on hand to meet operating needs.
On August 12, 2016, James Urie resigned as Executive Chairman of the Board of Directors (the “Board”) of CÜR Media, Inc. (“we,” “us,” “our,” or the “Company), thereby reducing our Board from three to two members. He also resigned as our Interim President and Interim Chief Executive Officer as of such date. As a result of his resignation, Mr. Urie has relinquished his role as the Company’s “Principal Executive Officer” for Securities and Exchange Commission (“SEC”) reporting purposes. Mr. Urie’s resignation was not the result of a disagreement with us on any matter relating to our operations, policies, or practices.
On August 16, 2016, we terminated Kelly Sardo as our Chief Financial Officer and Treasurer. As a result of her termination as Chief Financial Officer and Treasurer, Ms. Sardo no longer serves as the Company’s “Principal Financial and Accounting Officer” for SEC reporting purposes. At this time, Ms. Sardo continues to serve as our Secretary.
In addition, on August 16, 2016, William Campbell was terminated as our Chief Strategy Officer. Mr. Campbell continues to serve as a member of our Board.
Further, on August 16, 2016, we terminated John Egazarian as our Chief Operating Officer, Michael Betts as our Chief Technology Officer, J.P. Lespinasse as our Chief Marketing Officer and Joseph LaPlante as our Chief Content Officer.
As previously reported, we have been actively seeking sources of equity or debt financing to support our operations. To date, our efforts have not been successful, and we currently do not have sufficient cash to meet our operating needs. On August 16, 2016, we were forced to lay off all of our employees.
Going forward, we intend to seek, investigate and, if such investigation warrants, engage in a business transaction that presents an opportunity for our securityholders. No specific transaction has been definitively identified, and there is no certainty that any such transaction will be identified, or consummated. If a business transaction is not consummated, we will need to cease operations.
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According to the most recent information, there are 1700 total shares short interest. Given the stock’s average daily volume of 2870, this results in 0.3 days to cover. Compared to last month, this is a 142.86 change in total short interest.
CUR Media Inc.(OTCMKTS:CURM) shares closed the most recent session at 0.75 moving $-0.55 from the previous open. This is compared to the stock’s 52-week high of 9.62 and 52-week low of 0.55.