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NewAge (OTC: NBEVQ) announced the sale of its legacy direct store distribution (DSD) division to Legacy Distribution Group. The transaction is anticipated to close in Q4 2022, pending bankruptcy court approval. The DSD division, a significant independent distributor in Colorado, has serviced over 5,000 outlets for more than 20 years. This move aims to streamline operations and focus on maximizing revenue in the direct selling sector. Chairman Ed Brennan emphasized the strategic importance of this sale for stakeholders.
NewAge, Inc. announced that its common stock has been suspended from trading on Nasdaq following a Chapter 11 bankruptcy filing on August 30, 2022. The Company will not appeal the suspension, and its stock will transition to the OTC Market under the symbol 'NBEVQ' starting September 8, 2022. The Company warns investors that trading during the bankruptcy process is highly speculative, and recovery for stockholders is uncertain.
NewAge, Inc. (NBEV) received interim approval from the U.S. Bankruptcy Court for Delaware for its Chapter 11 restructuring. The court authorized a $16 million debtor-in-possession financing to support ongoing operations. The company can continue paying employee wages, benefits, and settle with vendors for post-filing services. Additionally, NewAge emphasizes its commitment to continuing normal operations as it navigates the restructuring process. For further details, visit the company's court case website.
NewAge, Inc. (NBEV) and its subsidiaries filed for Chapter 11 bankruptcy on August 30, 2022, in the District of Delaware. This decision aims to facilitate a strategic sale process while preserving value for stakeholders. The company secured $16 million in debtor-in-possession financing, pending court approval, to support operations during this transition. NewAge intends to sell substantially all its assets, continuing normal operations and paying employees and vendors as required. The management team will operate under court jurisdiction, aiming for a swift resolution to the Chapter 11 proceedings.
On August 12, 2022, NewAge (Nasdaq: NBEV) received a delinquency notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the failure to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. This follows previous notices for delayed filings of the Annual Report on Form 10-K and the Quarterly Report on Form 10-Q for March 31, 2022. NewAge must update its compliance plan by August 26, 2022, or face potential delisting. The company aims to regain compliance to maintain its NASDAQ listing.
NewAge, Inc. (Nasdaq: NBEV) announced the departure of Chief Financial Officer Kevin Manion as of July 1, 2022. Lawrence Perkins, currently serving as Chief Restructuring Officer, will take on the role of principal financial officer on an interim basis. The transition aims to be seamless, with Perkins bringing over 20 years of management consulting experience. NewAge focuses on health and wellness products and operates through a direct selling model across 50+ countries, aiming to inspire healthy living.
NewAge, Inc. (Nasdaq: NBEV) announced its Board of Directors is evaluating strategic alternatives to enhance shareholder value. This includes options such as potential financial restructuring, merger, sale, or other transactions. The company has engaged Houlihan Lokey as financial advisors and appointed restructuring specialists Lawrence Perkins and SierraConstellation Partners. Chairman Ed Brennan emphasized the importance of exploring all avenues for maximizing value, highlighting shareholders' feedback. However, there is no guarantee that this review will yield positive outcomes or a set timeline for completion.
NewAge, Inc. (NBEV) announced that its product, Nutrifii™ Renew, has been certified by the Cologne List, joining 33 other NewAge products. This certification ensures the absence of prohibited substances, addressing safety concerns in nutrition supplements. The Cologne List is recognized for its rigorous testing standards, helping athletes navigate a market with potentially unsafe products. With over 10,000 new dietary supplements registered annually in Germany, transparency and product quality remain critical for consumer trust. NewAge aims to inspire healthy living through a direct selling model across 50 countries.
NewAge, Inc. (Nasdaq: NBEV) received a delinquency notice from Nasdaq on May 12, 2022, indicating non-compliance with Listing Rule 5250(c)(1) due to not filing its Quarterly Report on Form 10-Q for Q1 2022. This follows a previous notice received on April 1, 2022, regarding the delay in filing the Annual Report on Form 10-K for the fiscal year ending December 31, 2021. NewAge plans to submit a compliance plan by May 31, 2022, which may allow for up to 180 days to regain compliance, but failure to do so could result in delisting.
NewAge, Inc. (Nasdaq: NBEV) has announced a delay in filing its Annual Report on Form 10-K for the fiscal year ending December 31, 2021, due to a late filing notification on Form 12b-25. As a result, the company is not currently compliant with Nasdaq Listing Rule 5250(c)(1). Nasdaq has given NewAge until May 31, 2022, to submit a compliance plan; if accepted, this could extend the deadline to September 27, 2022. The company expects to file the report within the 60-day window to avoid formal compliance actions.
