BARK Announces Receipt of Notice of Non-Compliance with the NYSE Continued Listing Standards

Rhea-AI Summary

BARK, a leading global omnichannel dog brand with the mission to make all dogs happy, received a notice from the NYSE stating that it is no longer in compliance with the Minimum Stock Price Standard. The company has six months to regain compliance and is considering options such as a reverse stock split. The notice has no immediate impact on the listing of the company's common stock and is not anticipated to impact its ongoing business operations or reporting requirements with the SEC. (NYSE: BARK)

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• None.

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• The company is no longer in compliance with the NYSE's Minimum Stock Price Standard, which may lead to potential delisting if not resolved within the given timeframe.

NEW YORK--(BUSINESS WIRE)-- BARK, Inc. (“BARK” or the “Company”) (NYSE: BARK), a leading global omnichannel dog brand with the mission to make all dogs happy, announced today that the New York Stock Exchange (the “NYSE”) issued a notice (the “Notice”) informing the Company that it is no longer in compliance with its continued listing standards set forth in Section 802.01C (the “Minimum Stock Price Standard”) because the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period ended November 21, 2023.

Under Section 802.01C, the Company has six months following receipt of the Notice to regain compliance with the listing standard. Compliance can be achieved if on the last trading day of any calendar month during the cure period (or the last trading day of the cure period) the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the prior 30 trading-day period ending on the last trading day of the applicable calendar month or the cure period. The Company intends to remain listed on the NYSE and is considering all available options to regain compliance with the NYSE’s continued listing standards, including, but not limited to, a reverse stock split, subject to stockholder approval. Section 802.01C provides for an exception to the six-month cure period if the action required to cure the price condition requires stockholder approval, in which case, the action needs to be approved by no later than the Company’s next annual stockholder’s meeting.

The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the NYSE during such cure period, subject to the Company’s compliance with other NYSE continued listing standards. Furthermore, the Notice is not anticipated to impact the ongoing business operations of the Company or its reporting requirements with the U.S. Securities and Exchange Commission.

About BARK

BARK is the world’s most dog-centric company, devoted to making dogs happy with the best products, services and content. BARK’s dog-obsessed team applies its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, great food for your dog’s breed, effective and easy to use dental care, and dog-first experiences that foster the health and happiness of dogs everywhere. Founded in 2011, BARK loyally serves dogs nationwide with themed toys and treats subscriptions, BarkBox and BARK Super Chewer; custom product collections through its retail partner network, including Target and Amazon; its high-quality, nutritious meals made for your breed with BARK Food; and products that meet dogs’ dental needs with BARK Bright®. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at BARK.co for more information.

Forward Looking Statements

This press release contains “forward-looking statements” for purposes of the federal securities laws. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements under the US securities laws. All statements, other than statements of present or historical facts, contained in this press release, regarding the listing of our common stock on the NYSE and expectations, plans and objectives of management are forward-looking statements. Forward-looking statements are typically identified by such words as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook, “estimate,” “will,” “should,” “would” and “could” and other similar words and expressions. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by the forward-looking statements, including, but not limited to: our ability to implement business plans, forecasts, and other expectations; our ability to finance and invest in growth initiatives; the ability to get the stockholder approval to effectuate a reverse stock-split, if necessary; and the other risks disclosed in the Company's quarterly report on Form 10-Q, copies of which may be obtained by visiting the Company’s Investor Relations website at https://investors.bark.co/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. The Company assumes no obligation to update such statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231124742094/en/

Investors:

Michael Mougias

investors@barkbox.com



Media:

Garland Harwood

press@barkbox.com

Source: BARK, Inc.

FAQ

What is the notice received by BARK from the NYSE?

BARK received a notice from the NYSE stating that it is no longer in compliance with the Minimum Stock Price Standard.

What options is BARK considering to regain compliance with the NYSE's continued listing standards?

BARK is considering options such as a reverse stock split to regain compliance with the NYSE's continued listing standards.

What is the impact of the notice on the listing of BARK's common stock?

The notice has no immediate impact on the listing of BARK's common stock, and it will continue to be listed and traded on the NYSE during the cure period, subject to compliance with other NYSE listing standards.

How long does BARK have to regain compliance with the NYSE's Minimum Stock Price Standard?

BARK has six months following receipt of the notice to regain compliance with the Minimum Stock Price Standard.

Is the notice expected to impact BARK's ongoing business operations or reporting requirements with the SEC?

The notice is not anticipated to impact the ongoing business operations of BARK or its reporting requirements with the U.S. Securities and Exchange Commission.