Grove Announces Receipt of Continued Listing Standards Notice from NYSE
December 20 2022 - 4:05PM
Business Wire
Grove Collaborative Holdings, Inc. (NYSE: GROV) (“Grove” or “the
Company”), a leading sustainable consumer products company and
certified B Corp™, today announced it has received notice (the
“Notice”) from the New York Stock Exchange (the “NYSE”) that the
average per share trading price of its common stock (the “Common
Stock”) was below the NYSE’s continued listing standard rule
relating to minimum average share price. Rule 802.01C of the NYSE’s
Listed Company Manual requires that a company’s common stock trade
at a minimum average closing price of $1.00 over a consecutive 30
trading-day period.
Pursuant to Section 802.01C, the Company has a period of six
months following the receipt of the Notice to regain compliance
with the minimum share price requirement. In accordance with the
NYSE’s rules, the Company plans to notify the NYSE within 10
business days of its intent to cure the deficiency. The Company can
regain compliance with the minimum share price requirement at any
time during the six month cure period if, on the last trading day
of any calendar month during the cure period or on the last day of
the cure period, the Company has (i) a closing share price of at
least $1.00, and (ii) an average closing share price of at least
$1.00 over the 30 trading-day period ending on the last trading day
of that month.
The Notice has no immediate impact on the listing of the Common
Stock, which will continue to be listed and traded on the NYSE
during this period, subject to the Company’s compliance with the
other continued listing requirements of the NYSE. The Common Stock
will continue to trade on the NYSE under the symbol “GROV” but will
have an added designation of “.BC” to indicate the Company is not
in compliance with the NYSE’s continued listing standards. Failure
to satisfy the conditions of the cure period or to maintain other
listing requirements could lead to a delisting.
The NYSE notification does not affect the ongoing business
operations of the Company or its reporting requirements with the
Securities and Exchange Commission nor does it trigger any
violation of its debt obligations.
About Grove Collaborative Holdings,
Inc.
Launched in 2016 as a Certified B Corp, Grove Collaborative
Holdings, Inc. (NYSE: GROV) is transforming consumer products into
a positive force for human and environmental good. Driven by the
belief that sustainability is the only future, Grove creates and
curates more than 150 high-performing eco-friendly brands of
household cleaning, personal care, laundry, clean beauty, baby and
pet care products serving millions of households across the U.S.
each year. With a flexible monthly delivery model and access to
knowledgeable Grove Guides, Grove makes it easy for everyone to
build sustainable routines.
Every product Grove offers — from its flagship brand of
sustainably powerful home care essentials, Grove Co., plastic-free,
vegan personal care line, Peach Not Plastic, and zero-waste pet
care brand, Good Fur, to its exceptional third-party brands — has
been thoroughly vetted against Grove’s strict standards to be
beautifully effective, supportive of healthy habits, ethically
produced and cruelty-free. Grove is a public benefit corporation on
a mission to move Beyond Plastic™ and in 2021, entered physical
retail for the first time at Target stores nationwide, making
sustainable home care products even more accessible. Grove is the
first plastic neutral retailer in the world and is committed to
being 100% plastic-free by 2025.
Caution Concerning Forward-Looking
Statements
This press release contains "forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, the
Company’s ability to regain compliance with the NYSE’s minimum
price condition within the applicable cure periods. Any statements
contained herein that are not statements of historical fact may be
deemed to be forward-looking statements. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intends,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. The
forward-looking statements contained in this press release are
based on our current expectations and beliefs made by our
management in light of their experience and their perception of
historical trends, current conditions and expected future
developments and their potential effects on the Company as well as
other factors they believe are appropriate in the circumstances.
There can be no assurance that future developments affecting the
Company will be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our control) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements, including changes in domestic and foreign business,
market, financial, political and legal conditions; risks relating
to the uncertainty of the projected financial information with
respect to Grove; Grove’s ability to successfully expand its
business; competition; the uncertain effects of the COVID-19
pandemic; risks relating to growing inflation and rising interest
rates; and those factors discussed in documents of Grove filed, or
to be filed, with the U.S. Securities and Exchange Commission (the
“SEC”). Should one or more of these risks or uncertainties
materialize, or should any of our assumptions prove incorrect,
actual results may vary in material respects from those projected
in these forward-looking statements. All forward-looking statements
in this press release are made as of the date hereof, based on
information available to Grove as of the date hereof, and Grove
assumes no obligation to update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20221220005649/en/
Investor Relations Contact
Alexis Tessier ir@grove.co Media Relations
Contact Caroline Zalla pr@grove.co
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