Current Report Filing (8-k)
February 02 2023 - 6:07AM
Edgar (US Regulatory)
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2023-02-01
2023-02-01
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2023-02-01
2023-02-01
0001691936
SNAX:WarrantsEachExercisableForOneShareOfClassCommonStockAtExercisePriceOf11.50PerShareMember
2023-02-01
2023-02-01
iso4217:USD
xbrli:shares
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 1, 2023
STRYVE
FOODS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-38785 |
|
87-1760117 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
Number) |
5801
Tennyson Parkway, Suite 275
Plano,
TX |
|
75024 |
(Address of principal executive
offices) |
|
(Zip Code) |
Registrant’s
telephone number, including area code: (972) 987-5130
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Class A Common Stock |
|
SNAX |
|
The Nasdaq Stock Market
LLC |
Warrants, each exercisable
for one share of Class A Common Stock at an exercise price of $11.50 per share |
|
SNAXW |
|
The Nasdaq Stock Market
LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As
previously reported, on August 4, 2022, Stryve Foods, Inc. (the “Company”), received written notice from the Nasdaq Stock
Market, LLC (“Nasdaq”) indicating that the bid price for the Company’s Class A common stock for the last 30 consecutive
business days had closed below the minimum $1.00 per share and, as a result, the Company is not in compliance with the $1.00 minimum
bid price requirement for the continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid
Price Rule”).
On
February 1, 2023, the Company received written notification from the Listing Qualifications Department of Nasdaq, granting the Company’s
request for a 180-day extension to regain compliance the Bid Price Rule. The Company now has until July 31, 2023 to meet the requirement.
If at any time prior to July 31, 2023, the bid price of the Company’s Class A common stock closes at $1.00 per share or more for
a minimum of 10 consecutive business days, the Company will regain compliance with the Bid Price Rule.
If
the Company does not regain compliance with the Bid Price Rule during the additional 180-day extension, Nasdaq will provide written notification
to the Company that its Class A common stock will be delisted. At that time, the Company may appeal the relevant delisting determination
to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance that,
if the Company does appeal the delisting determination by Nasdaq to the hearings panel, that such appeal would be successful.
Nasdaq’s
extension notice has no immediate effect on the listing or trading of the Company’s Class A common stock, which will continue to
trade on the Nasdaq Capital Market under the symbol “SNAX”. The Company intends to actively monitor the closing bid price
of its Class A common stock and may, if appropriate, consider implementing available options to regain compliance with the Bid Price
Rule under the Nasdaq Listing Rules, such as a reverse stock split.
Item
7.01 Regulation FD Disclosure.
To
clarify recent media and social media reports, the Company did not acquire Quevos and Quevos is not associated with Stryve or any of
its subsidiaries. Rather, Joe Oblas, our former Chief Growth Officer, acquired Quevos.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated:
February 2, 2023
|
STRYVE FOODS, INC. |
|
|
|
|
By: |
/s/ R.
Alex Hawkins |
|
Name: |
R. Alex Hawkins |
|
Title: |
Chief Financial Officer |
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