Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): December 14, 2023

TRAEGER, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-40694

82-2739741

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

1215 E Wilmington Ave., Suite 200

Salt Lake City, Utah

84106

(Address of principal executive offices)

(Zip Code)

(801) 701-7180

(Registrant’s telephone number, include area code)

N/A

(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
Common Stock, $0.0001 par value per share	COOK	The New York Stock Exchange

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 7.01. Regulation FD Disclosure.

On December 14, 2023, Traeger, Inc. (the “Company”) issued a joint press release with the U.S. Consumer Product Safety Commission (the “CPSC”) to announce a voluntary recall of the Company’s Flatrock Griddle (the “Flatrock Recall”). A copy of the joint press release is furnished as Exhibit 99.1.

The Company estimates that the Flatrock Recall will impact operating results by approximately $3.0 million to $4.0 million, primarily due to an approximately $2.0 million to $3.0 million impact on revenue resulting from estimated product returns, as well as costs related to recall charges, inventory write-offs, logistics and rework and estimated legal costs. The Company expects to recognize the impact of the Flatrock Recall in the fourth quarter of fiscal year 2023.

Based on these estimates, the Company is reiterating its guidance for the full year ended December 31, 2023 as previously announced on November 8, 2023.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our anticipated full year fiscal 2023 results and the impact of the Flatrock Recall on our financial results. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, our history of operating losses, our ability to manage our future growth effectively, our ability to expand into additional markets, our ability to maintain and strengthen our brand to generate and maintain ongoing demand for our products, our ability to cost-effectively attract new customers and retain our existing customers, our failure to maintain product quality and product performance at an acceptable cost, the impact of product liability and warranty claims and product recalls, the highly competitive market in which we operate, the use of social media and community ambassadors, a decline in sales of our grills, our dependence on three major retailers, risks associated with our international operations, our reliance on a limited number of third-party manufacturers and problems with (or loss of) our suppliers or an inability to obtain raw materials, and the ability of our stockholders to influence corporate matters and the other important factors discussed under the caption "Risk Factors" in our periodic and current reports filed with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2022, as updated by Part II, Item 1A. "Risk Factors" our Quarterly Report on Form 10-Q for the period ended September 30, 2023. Any such forward-looking statements represent management's estimates as of the date of this Current Report on Form 8-K. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.						Description
99.1						Joint Press Release, December 14, 2023
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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.



	Traeger, Inc.

Date: December 14, 2023	By:	/s/ Dominic Blosil
		Dominic Blosil
		Chief Financial Officer

U.S. Consumer Product Safety Commission – Fast Track Recall

Release Date: December 14, 2023

Release Number: 24-DRAFT FOR CLEARANCE

Traeger Pellet Grills Recalls Flat Top Propane Grills Due to Fire Hazard

Recall Summary

Name of Product: Traeger Flatrock Flat Top Propane Grills

Hazard: The burner control knob can be incorrectly labeled, which can result in the grill being unintentionally left on, posing a fire hazard.

Remedy: Repair

Consumers should immediately stop using the recalled Traeger Flatrock Flat Top Grills and contact Traeger for inspection instructions and, if the burner control knobs are incorrectly labelled, consumers will receive a free repair kit.

Consumer Contact: Traeger toll-free at 833-654-2407 seven days a week from 6 a.m. to 10 p.m. MT or online at www.traeger.com/recall or www.traeger.com and click on “Recall” for more information.

Recall Details

Units: About 37,000

Description: This recall involves the Traeger Flatrock Flat Top Grills powered by propane. The product is black in color and has a closeable lid with a silver handle and the name “Traeger” written on it in black with the Traeger logo. The product is approximately 74 inches long by 27 inches wide by 36 inches tall and weighs about 189 lbs. The grills have a silver color label located on the rear with SKU Number as 1DFL42LLA.

Incidents/Injuries: The firm has received 57 reports of flame adjustment knobs being incorrectly labeled. No fires or injuries have been reported.

Sold at: Ace Hardware, The Home Depot and Scheel’s stores nationwide and online at www.acehardware.com, www.homedepot.com and www.traeger.com from February 2023 through October 2023 for about $900.

Importer: Traeger Pellet Grills LLC, of Salt Lake City, Utah

Manufactured in: Vietnam

Photos

Recalled Traeger Flatrock Flat Top Grill

Silver Color label Located on the Rear With SKU Number 1DFL42LLA.

Fast Track Recall

Individual Commissioners may have statements related to this topic. Please visit www.cpsc.gov/commissioners to search for statements related to this or other topics.

About the U.S. CPSC
The U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risk of injury or death associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. CPSC's work to ensure the safety of consumer products has contributed to a decline in the rate of injuries associated with consumer products over the past 50 years.

Federal law prohibits any person from selling products subject to a Commission ordered recall or a voluntary recall undertaken in consultation with the CPSC.

For lifesaving information:

- Visit CPSC.gov.

- Sign up to receive our e-mail alerts.

- Follow us on Facebook, Instagram @USCPSC and Twitter @USCPSC.

- Report a dangerous product or a product-related injury on www.SaferProducts.gov.

- Call CPSC’s Hotline at 800-638-2772 (TTY 301-595-7054).

- Contact a media specialist.

Cover Page	Dec. 14, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Dec. 14, 2023
Entity Registrant Name	TRAEGER, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-40694
Entity Tax Identification Number	82-2739741
Entity Address, Address Line One	1215 E Wilmington Ave
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84106
City Area Code	801
Local Phone Number	701-7180
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	COOK
Security Exchange Name	NYSE
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001857853
Amendment Flag	false