FOMO WORLDWIDE, INC.: going-concern / distress — FOMO Worldwide placed into receivership; auditor resigns; OTC delisting imminent

FOMO WORLDWIDE, INC.

Receivership initiated April 1, 2024; new receiver Michael Von Lehman appointed May 22, 2024.
Court hearing on exit from receivership scheduled July 12, 2024; forbearance agreement in place with Thermo.
Auditor Urish Popeck & Co resigned June 24, 2024; new PCAOB firm engaged but contingent on financing.
Company offered to acquire a cloud-based AI IoT platform for building water damage monitoring.
OTC Markets grace period expires July 17, 2024; stock to move to Expert Market, harming liquidity.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

FOMO WORLDWIDE, INC. entered receivership in Court of Common Pleas of Allegheny County, Pennsylvania (petition 2024-04-01).

Proceeding: receivership
Court: Court of Common Pleas of Allegheny County, Pennsylvania
Petition: 2024-04-01

Exact text from the filing

FOMO WORLDWIDE, INC. and subsidiaries were placed into receivership on April 1, 2024 by Thermo Communications Funding LLC ("Thermo") through the Court of Common Pleas of Allegheny County, Pennsylvania (No GD 24-002108).

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Source: SEC EDGAR

accession 0001472375-24-000048

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