Eros Stx Global Corp (NYSE: ESGC) hopes to receive a 15-day extension for filing its Annual Report. It is why it decided to file a Form 12b-25 with the SEC, which it expects will give it time until August 17, 2021. Eros Stx Global Corp is also excited to give the latest report on its debt restructuring.
Form 12b-25
Eros International Plc happens to be the Eros STX’s subsidiary that struck a merger with STX Filmworks, Inc.
The company expects SEC to consider Form 12b-25 and act accordingly. The filing is a way for the company to let the regulatory body understand that it couldn’t file its Annual Report on Form 20-F. Eros Stx Global Corp says it didn’t expect to be late to file the report for the fiscal year ended March 31, 2021, but matters didn’t play out as planned.
The company’s Audit Committee will soon provide a report after reviewing particular internal controls and accounting practices regarding the various subsidiaries.
Eros Stx Global Corp believes there had been accountability issues in line with the revenues from its subsidiaries. The Audit Committee reveals that it isn’t easy to conduct the review, outlining that it will take more time.
The company says it can’t speak conclusively about the time it might take to complete the work required to prepare its financial statements successfully. However, it also wants to assess its internal controls, and the main focus will be its financial reporting.
Debt Restructuring Update
The company is focusing on several of its debt arrangements and considering better options. It speaks about the £50 million 6.50% UK retail bond and how it intends to go about matters. It is a bond set to mature on October 15, 2021. The other plan is to deliver the company’s audited financial statements before July 31, 2021.