iMedia Brands Enters into an Asset and Equity Purchase Agreement with RNN National Media Group - Seite 2

In connection with the proposed transaction, the Bankruptcy Court approved $15 million in new debtor-in-possession financing from certain of the Company’s existing secured lenders and RNN. The new financing, together with cash generated from ongoing operations, will provide sufficient liquidity to support the Company’s operations during the sale process. iMedia has also received the Bankruptcy Court’s approval of a number of customary motions to continue supporting its operations during the Chapter 11 cases, including the continued payment of employee wages and benefits and normal programming on its networks without interruption, and other relief measures customary in Chapter 11 cases.

Additional information regarding the Company’s Chapter 11 process is available at cases.stretto.com/iMediaBrands. Stakeholders with questions may call the Company’s Claims agent Stretto at (855) 794 – 3801 (U.S.) or (949) 340 – 0398 (outside the U.S. or Canada), or email at [e-mail].

Due to the pending asset sale and related court proceedings, the Company has suspended its earnings calls and future investor conference participation. iMedia will use its SEC filings and press releases for its updates for the foreseeable future.

Ropes & Gray LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal counsel, Lincoln International LLC is serving as investment banker, Huron Consulting Group is serving as financial advisor, and C Street Advisory Group is serving as strategy and communications advisor to the Company. Fried, Frank, Harris, Shriver & Jacobson LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal counsel to RNN.

About iMedia Brands, Inc.

iMedia Brands, Inc. (NASDAQ: IMBI, IMBIL) is a global media company capitalizing on the convergence of entertainment, ecommerce, and advertising. The Company owns and operates four television networks, which are ShopHQ, ShopBulldogTV, ShopHQHealth and 123tv. ShopHQ, the company’s flagship television network with a thirty-year history, is nationally distributed in the U.S. to over 90 million homes via its affiliation agreements in cable, satellite, and broadcast, and reach viewers through its social platforms and its OTT App on Roku, Apple TV, Amazon Fire and Samsung Smart-televisions.