Vintage Wine Estates gets a Nasdaq warning
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A U.S. wine company Vintage Wine Estates could be delisted from the Nasdaq exchange if its stock price does not improve. Because of this, Vintage Wine Estates has received a warning from Nasdaq about violating the rules that listed companies must follow.
Vintage Wine Estates said that Nasdaq contacted them on September 13 and reported them for violating a rule regarding stock prices within a 30-day period. For 30 consecutive business days, Vintage Wine Estates' closing stock price has fallen below the Nasdaq exchange's minimum threshold of $1 per share.
The company has been given a deadline of March 11 to have a closing stock price of at least $1 for ten consecutive business days. If Vintage Wine Estates fails to meet this milestone, the company may be allowed to continue the compliance period for a second 180 days if it meets the requirement for "continued listing for market value of publicly traded shares and all other initial listing standards for the Nasdaq Global Market" other than the minimum offer price requirement, the document said.
The company would also be required to notify Nasdaq of its intention to cure the minimum offer price deficiency. If the company fails to regain compliance with Nasdaq's listing standards, Nasdaq will provide notice of possible delisting of the company's stock. In this case, Vintage Wine Estates may appeal.
The company stated: "The notice has no immediate impact on the listing of the company's stock on the Nasdaq exchange.
16 December 2023
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In July, Vintage Wine Estates appointed Seth Kaufman of Moët Hennessy as an executive director. Founder and former CEO Pat Roney changed roles to executive chairman in February. On the same day Kaufman's appointment was announced, the company projected lower revenue for fiscal year 2024 despite "improving" margins. It projected revenue in the range of $250 million to $270 million for fiscal year 2024. In 2022, Vintage Wine Estates' annual revenue rose 33% to $293.8 million, but the company posted a loss of $700,000.
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