NewAge, Inc. Announces That Its Common Stock Has Ceased Trading on Nasdaq
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.
- None.
- Common stock suspended from Nasdaq due to bankruptcy filing.
- Transition to OTC Market could lead to limited liquidity.
- High speculative risk in trading during Chapter 11 proceedings.
- Uncertainty on stock recovery for shareholders.
SALT LAKE CITY, Sept. 08, 2022 (GLOBE NEWSWIRE) -- NewAge, Inc. (the “Company”) today announced that its common stock has been suspended from trading on The Nasdaq Stock Market due to its voluntary filing for relief under Chapter 11 of the United States Bankruptcy Code on August 30, 2022 and the Company’s inability to remain compliant with the listing requirements of The Nasdaq Stock Market. As previously disclosed, the Company does not intend to appeal the suspension and anticipated delisting of its stock from The Nasdaq Stock Market. Effective September 8, 2022, the Company's common stock is expected to begin trading on the OTC Market under the trading symbol "NBEVQ." Investors can find information on the OTC Market and its various tiers at www.otcmarkets.com.
Cautionary Statement
The Company cautions that trading in the Company’s common stock during the pendency of the Chapter 11 case is highly speculative and poses substantial risks. Trading prices for the Company’s common stock bear little or no relationship to the actual recovery, if any, by holders of the Company’s common stock in the Chapter 11 case. The Company can provide no assurance that its common stock will commence or continue to trade on the OTC Market, whether broker-dealers will continue to provide public quotes of the Company's common stock on the OTC Market, whether the trading volume of the Company's common stock will be sufficient to provide for an efficient trading market or whether quotes for the Company's common stock will continue on the OTC Market in the future. The Company’s common stock may be or may become illiquid.
About NewAge, Inc.
NewAge is a purpose-driven firm dedicated to inspiring the planet to Live Healthy™. The Utah-based Company commercializes a portfolio of organic and healthy products worldwide primarily through a direct-to-consumer (D2C) route to market distribution system across more than 50 countries. The Company competes in three major category platforms including health and wellness, inner and outer beauty, and nutritional performance and weight management — through a network of exclusive independent Brand Partners, empowered with the leading social selling tools and technology available worldwide. More information on the Company can be found at NewAgeGroup.com.
Forward Looking Statements
This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to the Company’s management. Forward-looking statements include statements related to the Company’s common stock being traded on the OTC Market. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms. The Company’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks and uncertainties. Such risks and uncertainties include, but are not limited to, risks related to the Chapter 11 cases, including the Company’s ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 cases, the effects of the Chapter 11 cases on the Company, its subsidiaries and on the interests of various constituents, Bankruptcy Court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general, the length of time the Company will operate under the Chapter 11 cases, risks associated with any third-party motions in the Chapter 11 cases, the potential adverse effects of the Chapter 11 cases on the Company’s liquidity or results of operations and increased legal and other professional costs necessary to execute the Company’s reorganization; the conditions to which any debtor-in-possession financing is subject and the risk that these conditions may not be satisfied for various reasons, including for reasons outside of the Company’s control; consequences related to the acceleration of the Company’s debt obligations; the trading price and volatility of the Company’s common stock and the ability of the Company’s common stock to remain publicly traded, among other risks and uncertainties, as well as the factors described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the Securities and Exchange Commission (“SEC”), each of which can be found on the SEC’s website, www.sec.gov, or the investor relations portion of the Company’s website, investors.newagegroup.com. Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Investor and Media Inquiries:
IR@newage.com
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