Dolphin Entertainment: Slumps after raising going concern doubts

Dolphin Entertainment

14/07/2020 12:00

** Shares of television and film production co  DLPN.O  fall
20.1% to $1.15 - among biggest Nasdaq-listed pct losers
premarket
    ** DLPN says if unable to obtain funding through issuance of
new debt, equity or investments from certain shareholders within
next 12 months, co could be forced to curtail its business
operations or liquidate
    ** DLPN says spread of COVID-19 has limited its access to
capital and raises substantial doubt about its ability to
continue as a going concern
    ** Co also owns major public relations agencies, 42West and
Shore Fire Media, that represent clients in Hollywood and music
industry
    ** As of March 31, DLPN had a working capital deficit of
$10.68 mln; co says it does not have enough capital to pay its
obligations or maintain its operations
    ** Up to Monday's close, DLPN had more than doubled in value
this year, largely due to spike in early June

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: @sampath_uday; Reuters Messaging:
UdaySampath.Kumar.thomsonreuters.com@reuters.net))