Fresh Vine Wine, Inc. Receives Acceptance Letter from NYSE American
November 27 2023 - 8:00AM
On November 21, 2023, Fresh Vine Wine Inc. (NYSE American: VINE)
(the “Company”) received notification (the “Acceptance Letter”)
from NYSE American LLC (“NYSE American”) that the Company’s plan to
regain compliance with NYSE American’s listing standards was
accepted. As previously disclosed, on September 8, 2023, the
Company received notice from NYSE American stating that the Company
was not in compliance with the $4.0 million stockholders’ equity
requirement of Section 1003(a)(ii) of the NYSE American Company
Guide (the “Company Guide”). That section applies if a listed
company has stockholders’ equity of less than $4 million and has
reported losses from continuing operations and/or net losses in
three of its four most recent fiscal years. The Company reported
stockholders’ equity of $2.4 million as of June 30, 2023, the end
of its second fiscal quarter of 2023, and has had losses from
continuing operations and/or net losses in each of its fiscal years
ended December 31, 2020, 2021 and 2022. As required by NYSE
American, the Company submitted a plan to NYSE American advising of
actions it has taken or will take to regain compliance with the
continued listing standards March 8, 2025.
The Acceptance Letter also stated that the Company is not in
compliance with Section 1003(a)(i) of the Company Guide, which
requires an issuer to have stockholders’ equity of $2.0 million or
more if it has reported losses from continuing operations and/or
net losses in two out of its three most recent fiscal years. The
Company reported stockholders’ equity of $1.1 million as of
September 30, 2023, the end of its third fiscal quarter of 2023,
and has had losses from continuing operations and/or net losses in
each of its fiscal years ended December 31, 2020, 2021 and
2022.
NYSE American has granted the Company a plan period through
March 8, 2025 to regain compliance with Sections 1003(a)(i) and
(ii) of the Company Guide. The Company will be subject to periodic
NYSE American reviews, including quarterly monitoring for
compliance with the plan. If the Company is not in compliance with
all continued listing standards by March 8, 2025, or if the Company
does not make progress consistent with the plan during the plan
period, the Company will be subject to delisting proceedings.
The Company’s common stock will continue to be listed on NYSE
American while the Company attempts to regain compliance with the
listing standards noted, subject to the Company’s compliance with
other continued listing requirements. The common stock will
continue to trade under the symbol “VINE,” but will be included in
the list of NYSE American noncompliant issuers, and the below
compliance (“.BC”) indicator will be disseminated with the
Company’s ticker symbol. The website posting and .BC indicator
would be removed when the Company has regained compliance with all
applicable continued listing standards. The additional NYSE
American notice does not affect the Company’s business, operations
or reporting requirements with the U.S. Securities and Exchange
Commission.
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 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. Forward-looking statements
are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements. Among these risks and uncertainties are those set
forth in the Company’s annual report on Form 10-K for the year
ended December 31, 2022, and subsequently filed documents with the
SEC. In addition to such risks and uncertainties, risks and
uncertainties related to forward-looking statements contained in
this press release include the Company’s ability to make progress
consistent with its plan to regain compliance with NYSE American
continued listing standards, the Company’s ability to cure the
stockholders’ equity deficiencies and regain compliance with the
continued listing standards within the prescribed time period, the
Company’s ability to otherwise comply with other NYSE American
continued listing standards and the Company’s ability to ultimately
maintain the listing of its common stock on NYSE American. 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.
info@freshvinewine.com
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