The Very Good Food Company receives notification from Nasdaq regarding minimum bid requirements
Vancouver, British Columbia–(BUSINESS WIRE)–The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY.V) (FSE: OSI) (“VERY GOOD“or the”Society), a leading plant-based food technology company, today announced that on January 11and2022, it received notification from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) that, for the previous 30 consecutive business days, the bid price for VERY GOOD common stock had closed below the minimum $1.00 per share required to continue to be listed on the Nasdaq Capital Market in accordance with Nasdaq Listing Rule 5550(a)(2) (the “Bid price rule”).
Notification to Nasdaq has no immediate effect on the listing of the Company’s shares. VERY GOOD is also listed on the TSX Venture Exchange and the notification does not affect the Company’s compliance status with such listing.
According to Nasdaq rule 5810(c)(3)(A), VERY GOOD has 180 calendar days, or until July 11and2022, to regain compliance with the bid price rule. If at any time during this period the bid price for VERY GOOD shares closes at $1.00 per share or higher for a minimum of ten (10) consecutive business days, VERY GOOD will return to compliance, unless the Nasdaq does not exercise its discretion to extend this 10-day period.
In the event that the Company does not regain compliance, the Company may be eligible for an additional compliance period of 180 calendar days. To qualify, the Company will be required to meet the continuous listing requirement for publicly held stock market value and all other Nasdaq Capital Markets initial listing standards, except for the rule of bid price, and shall provide written notice of its intention to remedy the deficiency during such second compliance period. If the Company does not qualify for the additional compliance period, then the shares of VERY GOOD will be delisted, in which case the Company may appeal the delisting decision to a Nasdaq panel hearing.
“We are confident in our strategy and believe we will organically return to NASDAQ compliance as we leverage recently added capacity to continue our expansion into U.S. retail,” said Mitchell Scott, CEO. by VERY GOOD. “We appreciate the continued support of investors during this time and are committed to reviewing all available options to resolve the issue and restore compliance with the Bid Price Rule.”
About The Very Good Food Company Inc.
The Very Good Food Company Inc. is an emerging plant-based food technology company that produces nutritious and delicious plant-based meat and cheese products under VERY GOOD’s core brands: The Very Good Butchers and The Very Good Cheese Co. www.verygoodfood.com.
OUR MISSION IS HIGH, BADASS BUT BEAUTIFULLY SIMPLE: TO GET MILLIONS OF PEOPLE TO RETHINK THEIR FOOD CHOICES WHILE HELPING THEM MAKE THE WORLD A WORLD OF GOOD. BY PROVIDING PLANT-BASED FOOD OPTIONS SO DELICIOUS AND NUTRITIOUS, WE’RE HELPING THIS TYPE OF DIET BECOME THE STANDARD.
This press release contains “forward-looking information” within the meaning of applicable securities laws in Canada and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including Section 21E of the Securities Exchange Act of 1934, as amended (collectively referred to as “forward-looking information”), for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on this information may not be appropriate for other purposes. Forward-looking information may be identified by words such as “plans”, “proposed”, “expects”, “anticipates”, “intends”, “estimates”, “may”, “will” and similar expressions. Forward-looking information contained or referred to in this press release includes statements regarding the Company’s ability to return to compliance with Nasdaq’s minimum bid price requirements. Forward-looking information is based on a number of factors and assumptions which were used in developing this information, but which may prove to be incorrect, including, but not limited to, material assumptions regarding the absence of significant disruptions in VERY GOOD’s supply chain and distribution network, including due to recent flooding and severe weather in British Columbia, continued strong demand for VERY GOOD’s products, continued growth in popularity of meat substitutes and the plant-based foods industry, the availability of sufficient financing on reasonable terms to fund VERY GOOD’s capital and operating requirements, the successful placement of VERY’s products GOOD in retail stores and continued wholesale expansion and e-commerce growth, VE capacity RY GOOD to successfully enter new markets and manage its international expansion, VERY GOOD’s ability to obtain the necessary production equipment, the availability of labor as well as the precision of the construction and the ramp-up schedules, including timely receipt of required permits and accuracy of cost estimates for the commissioning of production lines at VERY GOOD’s Rupert and Patterson facilities, VERY GOOD’s relationships with its suppliers, distributors and third-party logistics providers, and the Company’s ability to position itself VERY WELL competitively. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information as VERY GOOD cannot guarantee that such expectations will prove to be correct. The risks and uncertainties that could cause VERY GOOD’s actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information include, among others, the impact, uncertainties and risks associated with the ongoing COVID-19 pandemic, negative cash flow and future funding requirements to sustain and grow operations, limited operating and revenue history and no earnings or dividend history, facility expansion, competition, availability of raw materials , dependence on senior management and key personnel, labor availability, general business risk and liability, food industry regulation, change in laws, regulations and guidelines, compliance with laws, advertising or adverse consumer perception, product liability and product recalls, risks related to intellectual property, forecasting difficulties, growth management and litigation. For a more complete analysis of the risks facing VERY GOOD, please refer to VERY GOOD’s most recent Annual Information Form filed with the Canadian securities regulators at www.sedar.com and as attachment to the registration statement on Form F-10 filed with the SEC and available at www.sec.gov. The forward-looking information contained in this press release reflects the Company’s current expectations, assumptions and/or beliefs based on information currently available. Any forward-looking information speaks only as of the date of this press release. VERY GOOD undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
Neither Nasdaq, TSX Venture Exchange, the SEC, nor any other securities regulator has approved or disapproved of the contents of this press release. Neither Nasdaq, TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), the SEC, or any other securities regulator accepts responsibility the adequacy or accuracy of this press release.