DDC Enterprise Receives NYSE Extension for Filing the 2023 Annual Report on Form 20-F

Rhea-AI Summary

DDC Enterprise (NYSEAM: DDC) has received an extension from NYSE Regulation until February 4, 2025 to file its 2023 annual report (Form 20-F) with the SEC. The company must meet interim milestones during this period, and failure to comply could result in accelerated trading suspension. NYSE will monitor DDC's progress closely, and lack of progress in becoming current with SEC filings during the plan period could trigger delisting procedures.

Positive

• Received extension until February 2025 for filing annual report, avoiding immediate delisting risk

Negative

• Risk of accelerated trading suspension if interim milestones are not met
• Potential delisting if progress is not made in becoming current with SEC filings
• Delayed filing of 2023 annual report indicates potential internal control or reporting issues

Insights

Financial Analyst

This regulatory extension for filing the 2023 annual report raises significant red flags. The unusually long extension period until February 2025 suggests potential deeper underlying issues with financial reporting or internal controls. NYSE's warning about possible accelerated trading suspension and delisting threats if milestones aren't met adds substantial risk for investors.

The lack of timely financial reporting severely impacts transparency and makes accurate company valuation impossible. Historical patterns show companies receiving such extensions often face increased scrutiny from regulators and heightened risk of eventual delisting. DDC's ongoing cooperation with NYSE provides minimal comfort given the extended timeline needed to resolve these filing issues.

NEW YORK--(BUSINESS WIRE)-- DDC Enterprise, Ltd. (NYSEAM: DDC), (“DayDayCook,” “DDC,” or the “Company”), a leading multi-brand Asian consumer food company, today announced that it received a notice from NYSE Regulation indicating that it agreed to provide the Company with an additional time period through February 4, 2025, subject to reassessment on an ongoing basis, to complete and file the Company's annual report on Form 20-F for the year ended December 31, 2023 (the "2023 Form 20-F") with the Securities and Exchange Commission (the "SEC") and any subsequent delayed filings.

The Company has been in ongoing cooperation and correspondence with the NYSE on the late filing issue. NYSE Regulation notified the Company that the NYSE will closely monitor the Company's compliance with its interim milestones submitted to the NYSE and failure to achieve these interim milestones could result in accelerated trading suspension prior to the end of the February 4, 2025 cure period. In addition, in the event that the Company does not make progress in becoming current with its filings with the SEC during the plan period the NYSE will initiate delisting procedures.

ABOUT DAYDAYCOOK

DayDayCook is on a mission to share the joy of Asian cooking culture with the world, offering a suite of accessible and healthy ready-to-eat, ready-to-cook, and ready-to-heat products that cater to the global palate. DayDayCook has evolved from a culinary content authority to a multi-brand powerhouse, curating a broad range of products that champion authenticity, nutrition, and convenience. The company's growing portfolio includes DayDayCook, Nona Lim, Yai’s Thai, Omsom, MengWei, and Yujia Weng. Follow the Company on LinkedIn.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements, including, for example, statements about NYSE compliance, estimated revenue, margins, cash and growth and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121310391/en/

Investors:

Jeff Ervin

Co-Chief Financial Officer

jeffervin@daydaycook.com

Media:

Jaque Liu

jaque.liu@daydaycook.com

Source: DDC Enterprise, Ltd.

FAQ

When is DDC Enterprise's deadline to file its 2023 Form 20-F?

DDC Enterprise has received an extension until February 4, 2025, to file its 2023 Form 20-F annual report.

What happens if DDC Enterprise fails to meet NYSE's interim milestones?

Failure to meet interim milestones could result in accelerated trading suspension before the February 4, 2025 cure period ends.

What are the consequences if DDC Enterprise doesn't make progress with SEC filings?

If DDC Enterprise doesn't make progress in becoming current with SEC filings during the plan period, NYSE will initiate delisting procedures.