Fresh Vine Wine, Inc. Receives NYSE American Notice
2023年8月1日 - 6:00AM
Fresh Vine Wine Inc. (NYSE American: VINE) today announced that it
received a Notice (the “Notice”) on July 27, 2023 from the NYSE
American LLC (the “NYSE American”) stating that the Company was not
in compliance with the continued listing standards as set forth in
Section 803B (2) of the NYSE American Company Guide (“Company
Guide”), relating to the composition of its audit committee.
On July 19, 2023, the Company’s Board of Directors appointed
Michael Pruitt, the Non-Executive Chair of the Company’s Board of
Directors, to serve as Interim Chief Executive Officer. As a result
of such interim appointment, Mr. Pruitt ceased serving as one of
two members of the Company’s audit committee because he is not
considered an independent director under Section 803A of the NYSE
American Company Guide while serving as Chief Executive Officer. As
a result, on July 27, 2023, the Company received the Notice,
indicating that the Company was not in compliance with the NYSE
American continued listing standards set forth in Section 801(h)
and 803B(2)(c) of the NYSE American Company Guide because its audit
committee was not comprised of at least two members.
According to Section 803B(6)(b) of the NYSE American Company
Guide, the Company had until the earlier of the next annual
shareholders’ meeting or one year from the date of the event that
caused the failure to comply with the audit committee composition
requirements, provided, however, that if the annual shareholders’
meeting occurs no later than 75 days following the noncompliance
event date, the Company would instead have 75 days from such event
to regain compliance.
On July 27, 2023, the Company’s Board of Directors filled the
vacancy on the audit committee by appointing David Yacullo to serve
as a member of the committee. As a result of such appointment, on
July 28, 2023, the Company received a letter from the NYSE American
stating that the Company has resolved the deficiency set forth in
the Notice and has regained compliance with the NYSE American’s
audit committee composition requirements.
The Notice had no immediate effect on the listing or trading of
the Company’s common stock and the common stock continues to trade
on the NYSE American under the symbol “VINE”.
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. Each forward-looking
statement contained in this press release is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable risks
and uncertainties include, among others, our ability to comply with
the NYSE American continued listing standards; the Company's
ability to obtain additional financing when and if needed; its
ability to achieve positive cash flow from operations on
anticipated timeframes or at all; the Company's ability to hire
additional personnel and to manage its business; the Company's
reliance on its brand name, reputation and product quality; the
Company's ability to adequately address increased demands that may
be placed on its management, operational and production
capabilities; the effectiveness of the Company's advertising and
promotional activities and investments; the Company's reliance on
celebrities to endorse its wines and market its brand; general
competitive conditions; fluctuations in consumer demand for wine;
overall decline in the health of the economy and consumer
discretionary spending; the occurrence of adverse weather events,
natural disasters, public health emergencies, or other unforeseen
circumstances that may cause delays to or interruptions in the
Company's operations; risks associated with disruptions in the
Company's supply chain for grapes and raw and processed materials;
the impact of COVID-19 and its variants on the Company's customers,
suppliers, business operations and financial results; disrupted or
delayed service by the distributors the Company relies on for the
distribution of its wines; the Company's ability to successfully
execute its business strategy; the Company's success in retaining
or recruiting, or changes required in, its officers, key employees
or directors; the Company's ability to protect its trademarks and
other intellectual property rights; the Company's ability to comply
with laws and regulations affecting its business, including those
relating to the manufacture, sale and distribution of wine; claims,
demands and lawsuits to which the Company are or may be subject and
the risk that its insurance or indemnities coverage may not apply
or be sufficient; the Company's ability to operate, update or
implement its IT systems; the Company's ability to successfully
pursue strategic acquisitions and integrate acquired businesses;
and the risks identified in the Company's other filings with the
SEC. 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.
Press Contact - info@freshvinewine.com
Fresh Vine Wine (AMEX:VINE)
過去 株価チャート
から 5 2024 まで 6 2024
Fresh Vine Wine (AMEX:VINE)
過去 株価チャート
から 6 2023 まで 6 2024