PARTS iD, Inc. - ID STOCK NEWS

PARTS iD, Inc. (ID) received a notice from NYSE American indicating non-compliance with listing standards due to delayed Quarterly Report filing. The Company has a six-month Initial Cure Period to file the Form 10-Q with the SEC and may receive an additional six-month cure period if needed. Although the Notice has no immediate effect on the listing of the Company's securities, there is no assurance of regaining compliance.

PARTS iD, Inc. has received a notice from NYSE American stating that it is not in compliance with the continued listing standard due to its low stock price. The company must effect a reverse stock split or demonstrate sustained price improvement by April 27, 2024. If the stock trades at an abnormally low level, accelerated delisting action may be taken. The company previously received a notice regarding non-compliance with stockholders' equity requirements.

PARTS iD, Inc. (NYSE American: ID) has announced that the NYSE American has accepted the company's business plan to regain compliance with the Exchange's continued listing standards regarding stockholders' equity. The company received a notification on May 23, 2023, stating that it was not in compliance with the listing standards. The company submitted a plan of compliance on June 22, 2023, and on August 8, 2023, it received notice that the plan was accepted and a plan period was granted until November 23, 2024, to regain compliance.

PARTS iD announces two new funding agreements that deliver $7.0 million in immediate proceeds. The funding will be used to repay outstanding debt and for general working capital needs. The Company aims to enhance profitability and grow its share of the automotive parts industry.

PARTS iD, Inc. (NYSE American: ID) has announced that board member Lev Peker will take over as Chief Executive Officer. Peker, who previously led CarParts.com, increased annual revenue over 100% during his tenure, along with a nearly fourfold boost in EBITDA and a market cap rise of over 500%. The Chairman, Prashant Pathak, expressed confidence in Peker's leadership abilities to drive growth for PARTS iD. Peker emphasized the significant opportunity presented by the company's technology-driven business model in the automotive aftermarket sector. Founded in 2008, PARTS iD aims to innovate the eCommerce experience within niche markets, focusing on parts and accessories for vehicles.

PARTS iD, Inc. (NYSE American: ID) announced that its Board of Directors is evaluating strategic alternatives to maximize shareholder value. The Company is considering various options, including mergers, asset sales, and financing alternatives. Canaccord Genuity has been retained as a financial advisor while DLA Piper will serve as legal counsel. The Board has not set a timeline for this process and will only disclose developments if a definitive agreement is reached or deemed necessary. This evaluation comes amid challenges posed by competition, supply chain disruptions, and external economic factors that might impact their operations.

PARTS iD, Inc. (NYSE American: ID) announced the appointment of James Doss as Chief Financial Officer, effective January 1, 2023, following Kailas Agrawal's retirement. Doss brings extensive financial experience, previously serving as CFO at Indyme Solutions and RF Industries, and aims to enhance liquidity and profitability for PARTS iD. The company focuses on digital commerce in the automotive aftermarket and is committed to delivering a superior shopping experience.

PARTS iD reported a 22.1% decrease in net revenue for Q3 2022, totaling $79.9 million, down from $102.6 million in Q3 2021. Despite challenges like supply chain issues and high inflation, gross margin slightly improved to 19.9%. Operating loss narrowed to $(3.0) million from $(4.2) million. Overall, the net loss widened to $(6.3) million compared to $(3.3) million a year ago. Adjusted EBITDA turned positive at $0.2 million. For the year-to-date, net revenue dropped 18.4% to $279.0 million, with cash on hand decreasing to $4.2 million.

PARTS iD, Inc. (NYSE American: ID) will announce its third-quarter financial results for the period ended September 30, 2022, after market close on November 9, 2022. A conference call will follow at 4:30 p.m. ET, with a slide presentation available via webcast on the company's website. Interested parties can join the call by dialing (888) 437-3179 or (862) 298-0702. The archived webcast will also be accessible, and a telephonic replay will be available until November 16, 2022, using conference ID 13734284.