Canadian actor Joshua Jackson said Tuesday that his entertainment company, Liquid Media Group Ltd. YVR-Q, “Ready and Able to Deliver on Our Promise” to help independent content creators with a modern technology-based release from a film studio.
In a letter to the company’s shareholders, Mr. Jackson said he believes Liquid Media “remains a high-quality investment, providing inflation- and stagflation-resistant value for shareholders”.
Liquid Media, which had a great promotional appearance at the 2021 Toronto International Film Festival, is still generating little revenue and posting big losses. Two of the company’s senior officers suddenly left. The stock price fell, causing Liquid Media to face removal from the Nasdaq stock market. The company, $8 million, is worth less than the homes of many of his Hollywood colleagues. Its external auditors say it could run out of money next year if it fails to raise new investment.
The Globe and Mail examined Liquid Media in an article published on September 8. Mr. Jackson, who was interim CEO, was not available for an interview for this article.
In Mr. Jackson’s letter, he described the acquisitions and partnerships Liquid Media has implemented over the past eight months and highlighted an 187 percent increase in revenue to $1.66 million in the second quarter of the previous three months.
Liquid Media spent a short time this summer under a “stop trade” order from the British Columbia Securities Regulatory Authority because it was late in submitting its quarterly financial statements. Andy Wilson, the company’s chief financial officer since April 2021, left abruptly in July. Ronald Johnson, a media business development consultant who joined Liquid Media as CEO in January 2021 and has appeared frequently at investor and media industry events to promote the company, resigned in June.
“I have worked with management and the board of directors to ensure a sound and compliant company by allocating appropriate resources, including the appointment of our new Chief Financial Officer, Sherry Rimple, and updating all filings,” Mr. Jackson said on Tuesday.
He said Liquid Media is “working hard to resolve” its current non-compliance with Nasdaq’s rules requiring a minimum share price of US$1.
Liquid Media traded on the Toronto Venture Exchange until its 2018 listing on NASDAQ; For most of its history since then, the company’s stock price has been hovering around $2. In March 2021, a wave of excitement sent the shares up to $7.50. The shares fell below $1 earlier this year. Liquid Media’s stock last closed above 50 US cents on May 4, and bottomed at 33 US cents on May 12.
The stock closed at 36 US cents on Tuesday on the Nasdaq after Mr. Jackson posted his message.
Mr. Jackson owns 860,533 shares, representing about 4.5 percent of the company, according to a disclosure by Liquid Media.
“As we approach the end of the year, we will continue to implement expansion of our offerings and create new offerings for our customers,” he wrote.