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Cinedigm Corp. (CIDM) stock plunged during after-hour trading. Here’s what’s happening?

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ASTR Stock

Cinedigm Corp. (NASDAQ: CIDM) stock gained by 37.96% at the last close whereas the CIDM stock price declines by 3.36% in the after-hours trading session. Cinedigm has been at the forefront of the entertainment industry’s digital revolution for more than two decades. Now, Cinedigm provides premium services, streaming channels, and technological services to the world’s top media, technology, and retail organizations, entertaining hundreds of millions of people around the world.

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Important Update

Cinedigm stated that they have paid off the remaining $3.5 million of its Prospect Digital Cinema loan, which was due on July 9, 2021. The debt was reduced and the balance sheet was improved thanks to revenue from the sale of some digital cinema equipment.

Gary Loffredo, President, Chief Operating Officer & General Counsel of Cinedigm stated,

They are now fully debt-free after paying off their non-recourse loan from Prospect. From over $49 million at the conclusion of the previous fiscal year, they have decreased their debt balance to zero. The debt-free financial sheet enables them to fund their fast expanding streaming business as well as the accretive acquisition roll-up plan.

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Also,

Cinedigm Corp. has released its preliminary, unaudited, results for the period ended March 31, 2021. Given below are the highlights:

Financial Updates

Business Updates

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