Fresh Vine Wine, Inc. Receives NYSE American Noncompliance Notice
September 13 2023 - 5:30PM
Fresh Vine Wine Inc. (NYSE American: VINE) today announced that it
received notice from NYSE American LLC ("NYSE American") on
September 8, 2023 that it is not in compliance with the continued
listing standard set forth in Section 1003(a)(ii) of the NYSE
American Company Guide (the "Company Guide"). That section applies
if a listed company has stockholders’ equity of less than $4
million and has reported losses from continuing operations and/or
net losses in three of its four most recent fiscal years. The
Company reported stockholders’ equity of $2.4 million as of June
30, 2023, the end of its second fiscal quarter of 2023, and has had
losses from continuing operations and/or net losses in each of its
fiscal years ended December 31, 2020, 2021 and 2022. As a result,
the Company has become subject to the procedures and requirements
of Section 1009 of the Company Guide and must submit a plan to NYSE
American by October 9, 2023 addressing how the Company intends to
regain compliance with Section 1003(a)(ii) by March 8, 2025, or
sooner if the NYSE American determines that the nature and
circumstances of the Company’s continued listing status warrant a
shorter period of time.
The Company’s management is pursuing options to
address the deficiency and intends to prepare and timely submit a
compliance plan to NYSE American. If the Company does not submit a
plan, or if the plan the Company submits is not accepted by NYSE
American, the Company will be subject to delisting proceedings as
specified in the Company Guide. In addition, if the plan is
accepted by NYSE American, but the Company is not in compliance
with the continued listing standards by compliance deadline, or if
the Company does not make progress consistent with the plan, the
Company will be subject to delisting proceedings. The Company will
have the right to appeal any delisting determination made by NYSE
American staff. If the plan is accepted, the Company will be
subject to periodic NYSE American reviews, including quarterly
monitoring for compliance with the plan.
Receipt of the notice has no immediate effect on
the listing of the Company’s common stock and the common stock will
continue to trade on the NYSE American under the symbol "VINE," but
will be included in the list of NYSE American noncompliant issuers,
and the below compliance (".BC") indicator will be disseminated
with the Company’s ticker symbol. The website posting and .BC
indicator would be removed when the Company has regained compliance
with all applicable continued listing standards. The Company’s
receipt of the notice does not affect the Company’s business,
operations or reporting requirements with the U.S. Securities and
Exchange Commission.
About Fresh Vine Wine, Inc.
Fresh Vine Wine, Inc. (NYSE American: VINE) is a
producer of lower carb, lower calorie premium wines in the United
States. Fresh Vine Wine’s brand vision is to lead the emerging
natural and accessible premium wine category, as health trends
continue to accelerate in the US marketplace. Fresh Vine Wine
positions its core brand lineup as an affordable luxury, retailing
between $14.99-$24.99 per bottle. Fresh Vine Wine's varietals
currently include its Cabernet Sauvignon, Chardonnay, Pinot Noir,
Rosé, Sauvignon Blanc, Sparkling Rosé, and a limited Reserve Napa
Cabernet Sauvignon. All varietals are produced and bottled in Napa,
California.
Note on Forward-looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements generally can
be identified by the use of words such as "anticipate," "expect,"
"plan," "could," "may," "will," "believe," "estimate," "forecast,"
"goal," "project," and other words of similar meaning. These
forward-looking statements address various matters including
statements regarding the timing or nature of future operating or
financial performance or other events. Forward-looking statements
are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements. Among these risks and uncertainties are those set
forth in the Company’s annual report on Form 10-K for the year
ended December 31, 2022, and subsequently filed documents with the
SEC. In addition to such risks and uncertainties, risks and
uncertainties related to forward-looking statements contained in
this press release include the Company’s intention to submit a plan
to NYSE American addressing how the Company intends to regain
compliance, whether NYSE American will accept any such plan, the
Company’s ability to make progress consistent with any such plan,
the Company’s ability to cure the stockholders’ equity deficiency
and regain compliance with NYSE American’s continued listing
standards within the prescribed time period, the Company’s ability
to otherwise comply with the other NYSE American continued listing
standards and the Company’s ability to ultimately maintain the
listing of its common stock on NYSE American. The Company cautions
investors not to place considerable reliance on the forward-looking
statements contained in this press release. You are encouraged to
read the Company's filings with the SEC, available at www.sec.gov,
for a discussion of these and other risks and uncertainties. The
forward-looking statements in this press release speak only as of
the date of this document, and the Company undertakes no obligation
to update or revise any of these statements. The Company's business
is subject to substantial risks and uncertainties, including those
referenced above. Investors, potential investors, and others should
give careful consideration to these risks and uncertainties.
info@freshvinewine.com
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