Loop Media Inc. has implemented a 1-for-1.5 reverse stock split of its shares after completing its previously announced reverse merger with Interlink Plus in Nevada.
In February, the Business Journal reported that Loop Media, in Glendale, became a subsidiary of Interlink Plus, a publicly traded company with two business segments – travel agency assistance services and convention services, which were sold.
Now Loop has become the surviving entity. Shares will continue to trade on the over-the-counter market for 20 trading days under Interlink’s ITRK ticker symbol. Thereafter, the company's stock will trade under the new LPTV ticker.
Loop Media distributes music videos, film trailers, sports programming and other short-form content to restaurants, bars, casinos, cruise ships and other public venues.
“We are pleased to announce our name change to Loop Media, Inc. following our closed merger,” said Jon Niermann, chief executive, “The name change allows us to emphasize our premium Loop.tv brand and is the latest step in our efforts to increase market awareness of our innovative premium streaming media services.”
Shares of Loop Media (ITRK) closed Friday at 55 cents on the over-the-counter market.