secwatch.observer — SEC 8-K summary
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Issuer:     Shutterstock, Inc. (SSTK)
CIK:        0001549346
Form:       8-K/A
Filed at:   2023-08-31T23:59:59+00:00
Accession:  0001549346-23-000035
Event type: m_and_a
Sentiment:  negative
Materiality: 0.60
Item codes: 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Shutterstock discloses Giphy's FY2022 financials: $94.4M net loss, no revenue, going concern doubts
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- Giphy's audited FY2022: net loss $94.4M, operating cash flow -$56.1M, accumulated deficit $405M.
- Giphy had no external revenue since Meta acquisition in July 2020; relied on Meta for funding.
- Purchase price $53M net cash; pro forma combined financials furnished as Exhibit 99.3.
- Ernst & Young audit includes going concern paragraph citing recurring losses and capital deficiency.
- As of Dec 31, 2022: Giphy total assets $14.9M, total liabilities $14.2M, stockholder's equity $646K.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1549346/000154934623000035/0001549346-23-000035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1549346/000154934623000035/sstk-20230830.htm
  HTML page:      https://secwatch.observer/filing/0001549346-23-000035

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer