IDW Media Holdings, parent of IDW Publishing, will eliminate quarterly reporting of its financial results in conjunction with a move from the OTCQB market to a lower OTC tier, the company announced in conjunction with its most recent quarterly report. Companies that trade on lower tiers have more limited disclosure requirements than those on the OTCQX or OTCQB markets.
IDW CEO Davidi Jonas announced that the company would release unaudited annual reports and eliminate quarterly reporting during the conference call in September. Jonas said the move was expected to save around $200,000 annually.
IDW moved from OTC trading to the NYSE American exchange in 2021 in conjunction with a public offering (see “IDW Plans Offering”), then voluntarily delisted from the NYSE American and moved back to OTC trading in 2023 as a cost-saving move (see “IDW Delists Stock”).
IDW showed a substantial profit for its fiscal Q3 ended July 31 in its final quarterly report (see “Comic Stores Help IDW Show Profit”).
IDW is the only comics company that has regularly released financial information, which has provided useful information about market conditions and industry events. Marvel Comics, DC Comics, BOOM! Studios and Dark Horse Comics are divisions of public companies but are too small relative to the size of the parent to have their results broken out in financial information.
Source: ICV2
