Tix Corp. Begins Strategic Review, Possible Sale

Tix Corp. plans to begin a review of its strategic alternatives, including a potential sale of the company.The review of the Studio City discount ticket seller will be led by a special committee of its board members, the company announced Monday.“In recent months, the company and board have received indications of interest about the potential acquisition or sale of control of the company, but no letters of intent or term sheets have been received,” the company said in a statement.No formal timetable for completing the review has been set, nor has the company made any decisions related to strategic alternatives at this time.“While the company is pursuing strategic alternatives and will consider any indications of interest or offers that it may receive, there is no assurance that the process will result in a transaction,” it said in its statement.Tix Corp. has been particularly hard hit by the coronavirus outbreak. In March, it shut down its seven discount ticket stores in Las Vegas under its Tix4Tonight brand and its online ticket sales website which offered up to a 50 percent discount for shows, concerts, attractions and tours, as well as discount dining and shopping offers.Shares of Tix (TIXC) closed up 3 cents, or nearly 22 percent, to 18 cents on the over-the-counter market.