After stock tumbled down to just 7 cents per share last week, it seems SFX has caught a breather – for now. Just before NASDAQ opened on Friday, the corporation announced new financing of $20 million. This unexpected development shot their share value up to a whopping 12 cents, tossing SFX a proverbial set of floaties to keep the company treading water, but only just.
The savior has not been identified as of yet, however, SFX will reveal the entity in their regulatory filing of next week. While we’re proud of them for following regulations, word on Wallstreet is the help comes from a group that CEO Robert Sillerman has previously worked with, so more back alley deals are likely afoot. For now, it seems SFX has staved off bankruptcy, though it’s unlikely to buy enough time to sort a solution to this mess.
H/T NY Post
