VANCOUVER, BC, May 26, 2022
/PRNewswire/ - The Very Good Food Company Inc. (NASDAQ: VGFC)
(TSXV: VERY.V) (FSE: OSI) ("VERY GOOD" or the "Company"), was
notified on May 20, 2022, by The
NASDAQ Stock Market LLC ("NASDAQ") that since the Company had not
yet filed its Annual Report on Form 20-F (the "Form 20-F") for the
year ended December 31, 2021 (the
"Filing"), it was no longer in compliance with NASDAQ's Listing
Rules (the "Rules") for continued listing.
As disclosed in the Company's Form 12b-25 with the U.S.
Securities and Exchange Commission ("SEC") filed on May 3, 2022, as amended on May 17, 2022,the Company had several key
personnel changes as well as key employee transitions in the
accounting department that caused delays during the Company's
certification and filing procedures resulting in the Company being
unable to timely file the Form 20-F. Accordingly, NASDAQ notified
the Company that it was not in compliance with NASDAQ Listing Rule
5250(c)(1) which requires the Company to timely file all required
periodic financial reports with the SEC.
As of the date of this press release, the Company has filed the
Form 20-F and as a result, we believe the Company has regained
compliance with NASDAQ Listing Rule 5250(c)(1).
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 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.
ON BEHALF OF THE VERY GOOD FOOD COMPANY INC
Matthew Hall
Interim Chief Executive Officer
Forward-Looking Information
This news 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 such
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 news
release includes, but is not limited to, our compliance with NASDAQ
listing rules and timely filing of SEC periodic reports.
Forward-looking information is based on a number of factors and
assumptions which have been used to develop such information, but
which may prove to be incorrect including, but not limited to,
material assumptions with respect to the Company's ability to
continue as a going concern, which will require us to obtain
additional financing on acceptable terms; the Company's ability to
manage recent personnel changes; and the Company's ability to
successfully execute on its updated business strategy outlined in
its most recently filed interim Management's Discussion and
Analysis for the three months ended March
31, 2022, which is available at www.sedar.com and
www.sec.gov. The Company's ability to execute on its strategy
may also depend on the Company's ability to accurately forecast
customer demand for its products and manage its inventory levels,
continued demand for VERY GOOD's products, continued growth of the
popularity of meat alternatives and the plant-based food industry,
no material deterioration in general business and economic
conditions, the successful placement of VERY GOOD's products in
retail stores, the Company's ability to remain listed on the
Nasdaq, VERY GOOD's ability to successfully enter new markets and
manage its international expansion, VERY GOOD's ability to obtain
necessary production equipment and human resources as needed, VERY
GOOD's relationship with its suppliers, distributors and
third-party logistics providers, and management's ability to
position VERY GOOD 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 because VERY GOOD can give no assurance
that such expectations will prove to be correct. Risks and
uncertainties that could cause actual results, performance or
achievements of VERY GOOD to differ materially from those expressed
or implied in such forward-looking information include, among
others, the impact of, uncertainties and risks associated with
negative cash flow and future financing requirements to sustain and
grow operations, limited history of operations and revenues and no
history of earnings or dividends, competition, risks relating to
the availability of raw materials, risks relating to regulation on
social media, expansion of facilities, risks related to credit
facilities, dependence on senior management and key personnel,
availability of labor, general business risk and liability,
regulation of the food industry, change in laws, regulations and
guidelines, compliance with laws, risks related to third party
logistics providers, unfavorable publicity or consumer perception,
increased costs as a result of being a United States public company, product
liability and product recalls, risks related to intellectual
property, risks relating to co-manufacturing, risks related to
expansion into the United States;
risks related to our acquisition strategy, taxation risks,
difficulties with forecasts, management of growth and litigation as
well as the risks associated with the ongoing COVID-19 pandemic.
For a more comprehensive discussion of the risks faced by VERY
GOOD, please refer to VERY GOOD's most recent Annual Information
Form filed with Canadian securities regulatory authorities at
www.sedar.com and as an exhibit to the Form 20-F filed with the SEC
on May 26, 2022 and available at
www.sec.gov. The forward-looking information in this news release
reflects the current expectations, assumptions and/or beliefs of
the Company based on information currently available. Any
forward-looking information speaks only as of the date of this news
release. VERY GOOD undertakes no obligation to publicly update or
revise any forward-looking information whether because of new
information, future events or otherwise, except as otherwise
required by law. The forward-looking information contained in this
news release is expressly qualified by this cautionary
statement.
None of the Nasdaq Stock Market LLC, TSX Venture Exchange, the
SEC or any other securities regulator has either approved or
disapproved the contents of this news release. None of the Nasdaq,
the 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
for the adequacy or accuracy of this news release.
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SOURCE The Very Good Food Company Inc.