Saul Cooperstein
to Join the Board of Directors as Independent Director
VERY GOOD has been provided with additional 180
calendar days, or until January 9,
2023, to regain compliance with US$1 Bid Price Rule
VANCOUVER, BC, July 13,
2022 /CNW/ - The Very Good Food Company Inc. (NASDAQ:
VGFC) (TSXV: VERY.V) (FSE: OSI) ("VERY GOOD" or the "Company"), is
pleased to announce that Saul
Cooperstein will join the Company's Board of Directors as an
independent director effective July
13, 2022.
Saul has over twenty years of experience in food and beverage,
technology, and finance. He currently serves as the Chief Strategy
and Development Officer of Virtual Dining Concepts, the leading
platform of virtual brand solutions for the restaurant
industry. In addition, he currently serves as an advisor for
a number of venture-backed technology start-ups including fintech
platform Creative Juice, which he co-founded.
Saul has held additional leadership positions in the food and
beverage industry including at C3 (virtual restaurants), Barilla
America, Umami Restaurant Group, and sbe Hospitality. He also
served as a member of Umami's Board of Directors and 800 Degrees
Neapolitan Pizzeria's Board of Managers.
Prior to his experience in the restaurant/food industry, Saul
was an Assistant Vice President at Public Resources Advisory Group
(PRAG), where he worked on more than 30 debt transactions totaling
over $45 billion of issuance. He
began his career in the investment banking division of Lehman
Brothers (now Barclays) within the bank's technology and
general/industrial groups.
Saul earned a Bachelor of Science Degree in Mathematics from the
University of California at Los
Angeles.
VERY GOOD's CEO, Parimal Rana
commented on Saul's appointment. "Saul brings a very diverse skill
set to the table that certainly can help us navigate our path
forward as we work to deliver on our new strategies."
Additionally, VERY GOOD today also announced that it has been
granted an additional 180-day period from Nasdaq's Listing
Qualification Department or until January 9,
2023, to regain compliance with the minimum US$1 bid price requirement for continued listing
on The Nasdaq Capital Market.
On January 11, 2022, Nasdaq
notified VERY GOOD that, based on the previous 30 consecutive
business days, the Company's listed security no longer met the
minimum US$1 bid price per share
requirement. Therefore, in accordance with Nasdaq's Listing Rules
(the "Rules"), the Company was provided 180 calendar days, or until
July 11, 2022, to regain
compliance.
Nasdaq's determination of VERY GOOD'S eligibility for an
additional 180 calendar day period during which the Company can
regain compliance, was based on VERY GOOD meeting the continued
listing requirement for market value of publicly held shares and
all other applicable requirements for initial listing on the
Capital Market with the exception of the bid price requirement, and
the Company's written notice of its intention to cure the
deficiency during the second compliance period by effecting a
reverse stock split, if necessary. In the July 11 notification, Nasdaq further informed
VERY GOOD that if at any time during this additional time period
the closing bid price of the Company's security is at least
US$1 per share for a minimum of 10
consecutive business days, Nasdaq will provide written confirmation
of compliance and this matter will be closed.
Nasdaq informed VERY GOOD in the July
11 notification, that if compliance cannot be demonstrated
by January 9, 2023, Nasdaq will
provide written notification that VERY GOOD's securities will be
delisted - at which time, the Company may appeal Staff's
determination to a Hearings Panel (the "Panel"). If VERY GOOD
appeals, the Company will be asked to provide a plan to regain
compliance to the Panel.
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.
Parimal Rana
Chief Executive Officer
Forward-Looking
Statements
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 the new appointment to the
Board of Directors and the benefits the Company expects to derive
therefrom, as well as the Company's ability to regain compliance
with the Nasdaq minimum bid price requirements before l
January 9, 2023.a. 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; 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 current
and future 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 and distribution in the
food service channel, the Company's ability to remain listed on the
Nasdaq, VERY GOOD's ability to successfully enter new markets, 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.