A Friday night news releaseis never good news .
Mr. Mitchell Scott reports
THE VERY GOOD FOOD COMPANY RECEIVES NASDAQ NOTIFICATION REGARDING MINIMUM BID REQUIREMENTS
On Jan. 11, 2022, The Very Good Food Company Inc. received notification from the listing qualifications department of the Nasdaq Stock Market LLC that, for the previous 30 consecutive business days, the bid price of Very Good's common shares had closed below the minimum $1-(U.S.)-per-share requirement for continued inclusion on the Nasdaq Capital Market pursuant to Nasdaq listing Rule 5550(a)(2).
The Nasdaq notification 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.
Under Nasdaq rule 5810(c)(3)(A), VERY GOOD has 180 calendar days, or until July 11th, 2022, to regain compliance with the Bid Price Rule. If at any time over this period the bid price of VERY GOOD's shares close at US$1.00 per share or more for a minimum of ten (10) consecutive business days, VERY GOOD will regain compliance, unless Nasdaq exercises its discretion to extend this 10-day period.
In the event 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 continued listing requirement for market value of publicly held shares and all other initial listing standards of the Nasdaq Capital Market, with the exception of the Bid Price Rule, and will need to provide written notice of its intention to cure the deficiency during this second compliance period. If the Company does not qualify for the additional compliance period, then VERY GOOD's shares will be subject to delisting, at which time the Company may appeal the delisting determination to a Nasdaq Hearings Panel.
"We are confident in our strategy and believe that we will organically regain compliance with NASDAQ requirements as we leverage recently added capacity to further expand in US retail," stated Mitchell Scott, CEO of VERY GOOD. "We appreciate investors' continued support during this time and commit to reviewing all available options to resolve the deficiency and regain 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 LOFTY, BADASS BUT BEAUTIFULLY SIMPLE: GET MILLIONS TO RETHINK THEIR FOOD CHOICES WHILE HELPING THEM DO THE WORLD A WORLD OF GOOD. BY OFFERING PLANT-BASED FOOD OPTIONS SO DELICIOUS AND NUTRITIOUS, WE'RE HELPING THIS KIND OF DIET BECOME THE NORM.