NewAge, Inc. Receives Nasdaq Notice on Late Filing of its Form 10-Q

Rhea-AI Summary

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.

Positive

• Company plans to submit a compliance plan by May 31, 2022, to address the delinquent filings.
• If accepted, Nasdaq may grant an extension of up to 180 days to regain compliance.

Negative

• Non-compliance with Nasdaq Listing Rule 5250(c)(1) for failing to file Form 10-Q.
• Previous delinquency notice for the Annual Report (Form 10-K) indicates ongoing filing issues.
• Failure to regain compliance may lead to delisting from Nasdaq.

SALT LAKE CITY, May 17, 2022 (GLOBE NEWSWIRE) -- NewAge, Inc. (Nasdaq: NBEV) (the “Company” or “NewAge”), announced that it received an additional delinquency notice from the Nasdaq Stock Market on May 12, 2022 notifying the Company that it is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”) due to the Company’s failure to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”). The Rule requires listed companies to timely file all periodic financial reports with the SEC.

As previously disclosed, the Company received a notice from Nasdaq on April 1, 2022 regarding its non-compliance with the Rule following the Company’s delay in the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Form 10-K”). As required by these notices, the Company will submit a plan to Nasdaq on or before May 31, 2022 to regain compliance with respect to the delinquent Form 10-K and the delinquent Form 10-Q. If Nasdaq accepts the Company’s plan, it may grant an extension of up to 180 calendar days from the original filing due date of the Form 10-K, or until September 27, 2022, to regain compliance.

The Company expects and intends to submit to Nasdaq the compliance plan by May 31, 2022. This notification has no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Capital Market; however, if the Company fails to timely regain compliance with the Rule, the Company's common stock will be subject to delisting from Nasdaq.

About NewAge, Inc.
NewAge is a purpose-driven company dedicated to inspiring the planet to Live Healthy™. NewAge commercializes a portfolio of healthy products worldwide primarily through a direct selling 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 www.NewAgeGroup.com.

Forward Looking Statements
This press release contains forward-looking statements that are made under the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management's beliefs and assumptions and on information currently available to the Company’s management. Forward-looking statements include statements regarding the Company's expectations regarding the submission of a compliance plan to Nasdaq and the Company’s ability to file the Form 10-K and the Form 10-Q with the SEC. 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 including those described in more detail in the Company's most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on the SEC’s website, www.sec.gov, or the investor relations section 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.

Contact:

Investors
NewAge, Inc.
Lisa Mueller
VP, Investor Relations
ir@newage.com

 

FAQ

What is the recent notice received by NewAge (NBEV) from Nasdaq?

NewAge received a notice on May 12, 2022, for non-compliance with Nasdaq Listing Rule 5250(c)(1) due to failure to file its Form 10-Q.

When does NewAge (NBEV) plan to submit its compliance plan to Nasdaq?

NewAge intends to submit its compliance plan by May 31, 2022.

What could happen if NewAge (NBEV) fails to regain compliance with Nasdaq?

If NewAge fails to regain compliance, its common stock could be subject to delisting from Nasdaq.

What was the previous compliance issue for NewAge (NBEV)?

Prior to the recent notice, NewAge received a notice on April 1, 2022, for not filing its Annual Report (Form 10-K) for the fiscal year 2021.